The Dubai Virtual Assets Regulatory Authority has granted a virtual asset service provider license to trading company Crypto.com.
According to the April 9 notice, the cryptocurrency exchange has full authority to provide services to institutional investors in the emirate.
The launch of world-class Crypto.com Exchange institutional services is essential to the company’s continued growth and success in its core markets.
Eric Anziani, President and COO of Crypto.com
Crypto.com is one of the first international operators to offer cryptocurrency facilities in Dubai after meeting interim conditions from the Virtual Assets Regulatory Authority (VARA) in November last year.
The company is also expanding its presence across Asia and Europe, securing cryptocurrency licenses in jurisdictions such as South Korea, Spain, the Netherlands, and the United Kingdom.
Dubai’s booming cryptocurrency scene
The United Arab Emirates capital established VARA in March 2022 following the cryptocurrency’s all-time highs the previous year. Dubai has established the agency to oversee its burgeoning digital asset ecosystem and support innovation without compromising investor safety.
In February last year, VARA launched a regulatory framework that provides a comprehensive framework for cryptocurrency operators and virtual asset service providers (VASPs) interested in operating within UAE cities.
The regulatory watchdog issued 19 full digital asset licenses in January, with 72 more initial approvals pending completion, according to information on VARA’s website. The United Arab Emirates city offers observers a burgeoning cryptocurrency economy, but reports suggest the area may not be very convenient for cryptocurrency entrepreneurs.