- Crypto.com has received regulatory approval from Dubai Virtual Assets Regulatory Authority (VARA) to provide various crypto services in Dubai.
- The licence allows Crypto.com to offer products like an exchange, brokerage, custody, and more to retail and institutional clients in Dubai.
- Crypto.com’s Dubai licence marks continued global expansion, as Dubai emerges as a crypto/blockchain hub with business-friendly regulations.
Crypto.com has completed another major step in its global expansion by receiving a licence to operate specified virtual asset services in Dubai. This approval will allow the company to provide a range of crypto services to customers in the emirate.
Crypto.com Receives Regulatory Approval in Dubai
Crypto.com has received in-principle approval for a licence from the Dubai Virtual Assets Regulatory Authority (VARA). This licence will enable the company to offer an array of products and services, including an exchange, brokerage services, custody solutions, as well as a range of other offerings.
The regulatory approval will allow Crypto.com to provide virtual asset services to retail and institutional clients based in Dubai. The company stated that it plans to establish an office in the Dubai International Financial Centre (DIFC) to serve regional customers.
Crypto.com Continues Global Expansion
This licence marks Crypto.com’s continued expansion worldwide and entry into new markets. Dubai has emerged as a leading global crypto and blockchain hub, with business-friendly regulations.
Crypto.com also received a Major Payment Institution Licence to operate in Singapore back in June 2022. This allowed the company to provide payment services for merchants and consumers in Singapore.
The cryptocurrency exchange and financial services firm now has licenses to operate in several major markets around the world. This enables Crypto.com to offer its products and services to more customers globally.
Crypto Adoption Grows in UAE
The United Arab Emirates (UAE) has seen substantial growth in crypto asset adoption recently. The crypto-friendly stance taken by regulators in Dubai has attracted many crypto businesses to the emirate.
VARA started issuing licences to virtual asset service providers earlier this year. Some major crypto companies like Binance have already received regulatory approval to operate in Dubai.
The UAE also aims to become a global hub for crypto and blockchain innovation. The country recently unveiled the Dubai Metaverse Strategy, with plans to conduct 40% of Dubai’s transactions in the metaverse by 2030. Crypto adoption is expected to continue growing rapidly in the UAE in the coming years.
