She announced The Crypto.com platform for trading digital currencies has obtained a Full Operating License or Full Market Product (FMP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This is the first license of its kind granted to a global cryptocurrency trading platform, allowing it to trade traditional currencies (Fiat) in the UAE.
Singapore-based Crypto.com will begin providing its services to institutional investors in the United Arab Emirates. Its subsidiary, under the name (CRO DAX Middle East FZE), has been entered in the public register of the Virtual Assets Regulatory Authority.
The digital currency trading platform obtained this license via Its branch in Dubai, CRO DAX Middle East FZE. Which was previously granted a minimum viable product (MVP) introduction license last March Dubai Virtual Assets Authority (VARA)..
Then in Mid-November Latest obtaining a license to operate specific digital asset services businesses in Dubai. Before that, I got a license in Singapore last June.
Cryptocurrency companies wishing to obtain a license to operate in Dubai must follow a four-step procedure. Binance has achieved three of these milestones so far. She had no choice but to obtain a permit.
This development takes place in the context of granting to the authorities of the United Arab Emirates Regulatory licenses For a certain number of Digital Currency Trading Platforms Over the past few months. Among them are the Deribit, M2, Rain, Nexo and Fasset platforms And OKX.
Crypto.com strengthens its presence in the United Arab Emirates
Crypto.com plans to offer more products and services in the future. Including the Crypto.com app and retail-focused offerings. Through this, the company aims to meet the needs of different investors in the UAE.
The last year has been a roller coaster ride for Crypto.com. After a series of operating licenses in Singapore, France, Brazil and the United Kingdom, the platform was fined in the Netherlands. It also laid off a number of its employees, on top of difficulties with traditional currency deposits during last year's banking crisis.
Eric Anziani, President and COO of Crypto.com, expressed his optimism, saying: “The launch of our world-class institutional services for cryptocurrency trading is key to our continued growth and success over a essential market for our business. »
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