Crypto.com's Dubai-based subsidiary, CRO DAX Middle East FZE, has been approved by the Virtual Assets Regulatory Authority (VARA) in Dubai to begin its operations, marking it as the first cryptocurrency exchange in the UAE authorized to trade with fiat currency.

This approval, granted on April 9, follows the fulfillment of necessary pre-operational requirements outlined in the virtual asset service provider license issued to CRO DAX Middle East FZE by VARA in November 2023. The company's next step involves launching an exchange tailored for institutional investors, offering services such as spot trading, staking brokerage, and over-the-counter offerings for specific markets.

Eric Anziani, President and COO of Crypto.com, emphasized the significance of this approval, noting it as a substantial milestone that underscores their commitment to working with regulators to advance the crypto industry responsibly. He also stressed the importance of launching an institutional exchange for the company's continued growth in the region.

Having originated in Hong Kong in 2016 and now headquartered in Singapore, Crypto.com has been steadily expanding its global presence. In February, Anziani pointed out how the new European Markets in Crypto-Assets Regulation (MiCA) could drive expansion efforts for leading cryptocurrency exchanges across Europe.

Despite encountering challenges such as fines from the Dutch central bank for registration violations, which Crypto.com has contested while continuing its operations, the company remains resilient in its ventures. Recently, it partnered with the largest investment bank in Latin America to support BTG Pactual's BTG Dol stablecoin and plans to introduce a cryptocurrency trading app for South Korean retail investors by the end of April.