Thomas Daniels
In a landmark move for the cryptocurrency sector, Dubai’s esteemed Virtual Assets Regulatory Authority (VARA) has awarded a Virtual Asset Service Provider (VASP) license to Crypto.com, a leading global trading platform. This authorization, announced on April 9, empowers Crypto.com to extend its sophisticated institutional services to the burgeoning market within the Emirate, signifying a major milestone in its expansion efforts.
Eric Anziani, the Chief Operating Officer and President of Crypto.com, articulated the strategic importance of this development, stating, “Initiating our world-renowned institutional services through the Crypto.com Exchange in Dubai is crucial for our continued growth and success in this vital market for our company.” This sentiment underscores the strategic vision of Crypto.com as it solidifies its presence in key global markets.
This achievement positions Crypto.com among the pioneering international entities to offer crypto-to-fiat transaction capabilities in Dubai, following the fulfillment of VARA’s stringent provisional criteria in November of the previous year. Furthermore, the company is actively broadening its influence throughout Asia and Europe, having obtained crypto licenses in several important jurisdictions, including South Korea, Spain, the Netherlands, and the United Kingdom.
Dubai, the capital of the United Arab Emirates, has been at the forefront of the digital asset revolution. In March 2022, amidst the pinnacle of cryptocurrency interest, the city established VARA with the aim of steering its dynamic virtual asset landscape towards innovation while ensuring the protection of investors. February of the preceding year saw VARA introducing a comprehensive regulatory framework tailored for crypto enterprises and Virtual Asset Service Providers, enhancing Dubai’s position as a welcoming and regulated environment for digital asset businesses.
VARA’s website reveals that the regulator granted 19 full digital asset licenses in January alone, with an additional 72 awaiting final approval. Despite the apparent vibrancy of Dubai’s virtual currency economy, some reports suggest challenges for crypto entrepreneurs seeking to navigate the regional market.
