The first Singaporean-based crypto platform, Crypto.com, is looking to expand its territory with a significant announcement. Additionally, the platform has unveiled a newly developed service that will allow it to extend its reach further, marking a turning point in its growth strategy. This tactic showcases the company’s dedication to institutional investors in the Middle East and positions Crypto.com as a major player in the cryptocurrency market in Dubai.
Crypto.com Expands its Global Presence With Dubai License
Crypto.com has achieved an important breakthrough by obtaining a complete operational license from Dubai’s Virtual Assets Regulatory Authority (VARA). With this development, the crypto exchange will be able to serve institutional investors as its first product offering in the region.
On the other hand, the approval is issued upon Crypto.com fulfilling the pre-operational requirements specified in the Virtual Asset Service Provider License, which was granted to the company’s Dubai entity, CRO DAX Middle East FZE, in November 2023. This marks the first time a global crypto operator is able to carry out operational activities backed by fiat, indicating Crypto.com’s leadership role in the market.
Crypto.com also plans to facilitate institutional clients and qualified retail investors with spot trading, staking brokerage, and other over-the-counter (OTC) offerings in the future. The crypto exchange, endowed with deep liquidity and an advanced matching engine, can provide a hassle-free trading environment that caters to the requirements of the Middle East market.
The company is planning to introduce more products such as the Crypto.com App and retail services to strengthen its presence and offerings in the UAE market.
Embracing Regulatory Support and Market Potential
Eric Anziani, the President, and Chief Operating Officer of Crypto.com, stated that the company’s entry into the UAE market represents its expansion into the heart of the Middle East. He underscored the significance of the crypto exchange institutional services in driving growth and success. On the contrary, Stuart Isted, the General Manager of the Middle East and Africa region of Crypto.com, also agreed with the other perspective, stating that the collaboration between the exchange and VARA is a sign of responsibility in the industry.
This initiative demonstrates that Crypto.com is not only compliant with regulations but also willing to expand into new markets. Dubai is a city that is embracing the cryptocurrency sector with open arms and is ready to explore the possibilities of its growth and innovation.
Concurrently, the upgrade takes place after the exchange has had a setback in the Netherlands for the past month. For the sake of reference, one of the most recent fines was issued by the Dutch central bank in March for the same reason and Crypto.com was fined $3.11 million for unregistered operations.
