Crypto.com, following OKX, obtains complete licensing in the United Arab Emirates.

Crypto.com has announced that it is now fully operational in the UAE after receiving final approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The company’s Dubai entity, CRO DAX Middle East FZE, has received full operational approval and is launching the Crypto.com Exchange as its first milestone. This makes Crypto.com the first global crypto exchange to receive a full active license. The exchange will be able to serve institutional clients and qualified retail investors. With this approval, Crypto.com has plans to launch additional products in the coming months, including the Crypto.com App. The company is pleased to expand its presence in the UAE and is supportive of Dubai’s efforts to progress the crypto industry. VARA has granted licenses to 21 VASP licenses to date. AquaNow was granted a license in February, and the CEO has stated that they will be working on onboarding the financial sector. More international crypto exchanges are seeking licenses in the UAE due to regulatory compliance becoming a necessity. Bybit and Binance are expected to be the next exchanges to receive licenses. Local brokers and exchanges, such as CoinMENA and M2, have already received licenses in recent months.