Dubai sees benefits from crypto finance activities.

The Virtual Assets Regulatory Authority (VARA) of the United Arab Emirates (UAE) has issued a full operational license to Crypto.com, one of the largest crypto exchanges. 

This marks a significant milestone for Crypto.com, making it the first crypto exchange worldwide to gain approval for fiat currency operations in the UAE.

The VARA's approval, which comes less than a month after the issue of a preparatory license, empowers Crypto.com to cater to institutional and accredited investors, enabling a diverse range of tailored services. 

Meanwhile, Crypto.com already has an office in Dubai - CRO DAX Middle East - which facilitates spot trading activities and brokerage services for staking.

It also offers Over-The-Counter trading related to settlements in specific markets.

Last December, Crypto.com was cleared by the Financial Conduct Authority (FCA) to function as an Electronic Money Institution (EMI) in the United Kingdom. Additionally, it has been busy preparing the launch of retail trading services in South Korea, where it received regulatory approval under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in August 2022.

With more than 80 million users globally, the crypto exchange is one of the fastest-growing platforms in the industry.

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