The prominent crypto trading platform, Crypto.com, has been granted a license by Dubai's Virtual Assets Regulatory Authority (VARA), strengthening its presence globally and targeting institutional investors in the Middle East. This important development showcases the exchange's commitment to expanding its services in Dubai and signifies a significant step in its growth strategy.

This milestone allows Crypto.com to cater to institutional investors in the Middle East with various offerings, such as spot trading, staking brokerage, and over-the-counter (OTC) services. With a focus on delivering a seamless trading experience tailored to the Middle East market, the exchange aims to enhance its presence by launching new products, including the Crypto.com App and retail-focused services.

The approval from VARA follows the completion of necessary requirements outlined in the Virtual Asset Service Provider Licence granted to Crypto.com's Dubai entity, CRO DAX Middle East FZE. This marks the first instance of a global crypto operator obtaining operational status with fiat in the UAE, establishing Crypto.com as a pioneering player in the market.

Eric Anziani, President and Chief Operating Officer of Crypto.com, expressed enthusiasm about the company's venture into the UAE market, emphasizing the significance of institutional services in driving growth. Stuart Isted, General Manager, Middle East and Africa of Crypto.com, emphasized the collaborative efforts between the exchange and VARA to advance the crypto industry responsibly.

This development not only highlights Crypto.com’s dedication to regulatory compliance and market expansion but also showcases Dubai’s progressive approach to embracing the potential growth and innovation of the cryptocurrency sector.

By securing the Dubai license approval, Crypto.com is poised to make a significant impact in the Middle East region and beyond.