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Global cryptocurrency exchange Crypto.com announced today the launch of its institutional-focused exchange in Dubai.
The launch follows Crypto.com's Dubai entity, CRO DAX Middle East FZE, receiving full operational approval from Dubai's Virtual Assets Regulatory Authority (VARA). This approval makes Crypto.com the first global crypto exchange to operate with fiat currency (traditional money) in the United Arab Emirates (UAE).
The full license is an upgrade from the a minimal viable product (MVP) license Crypto.com received from VARA in March 2023.
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Targeting Institutional Growth
Crypto.com said it is strategically entering the Dubai market with a focus on institutional investors. According to the company, its exchange offers deep liquidity, a state-of-the-art matching engine, and a suite of services including spot trading, staking brokerage, and over-the-counter (OTC) offerings. This caters to the growing demand from institutional players seeking secure and regulated entry into the cryptocurrency space.
Dubai has emerged as a major hub for crypto activity in recent years. The government's progressive regulatory framework, established by VARA in February 2023, has attracted several leading crypto businesses. This focus on fostering innovation while ensuring consumer protection is a key driver behind Crypto.com's decision to establish its regional headquarters in Dubai.
“We are incredibly supportive of the steps Dubai is taking to progress the crypto industry, both in-market and abroad,” Stuart Isted, general manager, Middle East and Africa of Crypto.com, said in an announcement.
“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,” he added.
While the initial launch focuses on institutional investors, Crypto.com said it plans to expand its offerings in the coming months by introducing its mobile application and other retail-focused products, catering to the broader investor base in the region.
Founded in 2016, Crypto.com, has more than 80 million customers worldwide, according to its website.
