The cryptocurrency platform Crypto.com, through its Dubai branch CRO DAX Middle East FZE, has received complete authorization from the Virtual Assets Regulatory Authority (VARA) in Dubai, UAE, becoming the first crypto exchange permitted to deal with fiat money in the region.
Based on the information from the April 9th declaration, the approval for operations given by VARA came after Crypto.com met all the prerequisites detailed in the Virtual Asset Service Provider License obtained by CRO DAX Middle East FZE in November 2023.
Crypto.com announced plans to launch an exchange specifically designed for institutional investors in the future. This platform will provide institutional clients and eligible individual investors with features such as spot trading, staking, brokerage services, and OTC deals for select markets’ settlements.
Eric Anziani, president and chief operating officer, told CryptoMoon:
“Being the first global crypto operator operational with fiat in the UAE is a significant milestone and reflects our dedication to working closely with regulators to advance the industry responsibly.”
He mentioned that introducing their institutional services exchange is crucial for the company’s expansion in the region.
Stuart Isted, the manager of Crypto.com’s Middle East and Africa division, agreed with Anziani’s viewpoint and highlighted the company’s commitment to working together with VARA to develop the cryptocurrency sector in a “responsible” manner.
Crypto.com, which began in Hong Kong in 2016, now primarily functions from Singapore. Over the last year, this company has been broadening its horizons and growing its presence globally.
In February, Anziani had a conversation with CryptoMoon regarding the potential acceleration of European growth plans for significant cryptocurrency exchanges due to the upcoming MiCA legislation in Europe. This law is set to take effect this year.
Towards the end of the month, BTG Pactual, Latin America’s largest investment bank, teamed up with Crypto.com to boost the usage of their stablecoin, BTG Dol, by making it exchangeable with cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) on Crypto.com’s trading platform.
Starting from April 29, the company plans to make available its cryptocurrency trading app to South Korean individual investors.
Regulators have criticized the exchange following reports that the Dutch central bank imposed a penalty on Crypto.com for failing to follow registration procedures. Despite contesting the penalty, Crypto.com registered and carried on with its operations in The Netherlands.
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2024-04-09 13:29