CRO DAX Middle East (Crypto.com ) FZE (“Crypto.com”) has achieved full operational status in the UAE following approval from Dubai’s Virtual Asset Regulatory Authority (VARA).

Crypto.com is authorized to offer a range of Virtual Assets Licensed Activities, namely Exchange Services, Broker-Dealer Services, Management and Investment Services, and Lending and Borrowing Services. The license, issued on 03/04/2024, grants Crypto.com the authority to serve institutional investors, qualified investors and retail investors.

Notably, Crypto.com announced that it is launching the Crypto.com Exchange for institutional investors as its first operational milestone.

“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” said Stuart Isted, General Manager, Middle East and Africa of Crypto.com. “But this is still just the beginning, and we look forward to continuing to work closely with VARA in our collective efforts to effectively and responsibly advance the sector.”

This marks a significant milestone in the expansion of Cypto.com presence into the VA market and demonstrates its readiness to contribute positively to the ongoing development of the industry.