Crypto.com gains regulatory approval to operate in Dubai

Crypto.com's Dubai-based entity, CRO DAX Middle East FZE, has obtained a Virtual Assets Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA).

Pending operational approval, this license will enable Crypto.com to provide a range of crypto services to both retail and institutional investors in the Dubai market. These services include exchange services, broker-dealer services, investment services, and lending and borrowing services.

Crypto.com, which has more than 80 million customers worldwide, identified Dubai as its regional hub for the Middle East and North Africa in early 2022, joining other major industry players opening operations in the Gulf city-state.

Kris Marszalek, CEO of Crypto.com stated:

Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation.