Crypto.com obtains a license to offer derivatives in the UAE

Crypto.com revealed on March 14 that it has acquired a limited license from Dubai's Virtual Asset Regulatory Authority to offer derivatives

Crypto.com has received a limited license from Dubai’s Virtual Asset Regulatory Authority to offer derivatives in the United Arab Emirates, the company revealed on Monday.

The crypto trading platform disclosed that the new issuance extended the provisions of its existing VASP license to operate in the region. The firm’s new services will be first available to eligible institutions globally, with qualified investors to follow at a later date.

The limited license will also allow all of its retail users to access USD fiat rails to deposit and withdraw USD from their Crypto.com account through Standard Chartered.

“We are aggressively transforming and evolving Crypto.com to provide users around the world all of the financial technology tools they are looking for in one place,” said Eric Anziani, President and COO of Crypto.com.

“With this approval from VARA for a limited license we are taking a significant and exciting step forward in our pursuit.”

The digital asset trading firm maintained that the Crypto.com roadmap focused on expanding its products and services. The company also promised its users that it would aggressively roll out some of its most significant updates and launches over the course of 2025.

The exchange announced in November 2023 that its Dubai entity, CRO DAX Middle East FZE, had acquired a VASP license for specified digital asset service activities by VARA. The license allowed the firm to offer regulated digital currency services, including exchange, broker-dealer, and lending and borrowing services.

At the time, Kris Marszalek said it was an honor to be one of the first crypto exchanges to be granted a VASP license by VARA.

“We are proud to have completed this process and to be able to offer our products and services to institutional and qualified investors in the UAE. This is a key milestone in our global expansion plans.”

In April 2024, CRO DAX Middle East FZE received full operational approval from Dubai’s VARA after fulfilling the pre-operational conditions stipulated the previous year. Stuart Isted, General Manager of Crypto.com in the Middle East and Africa, acknowledged that the firm was supportive of the steps Dubai was taking to progress the crypto industry, both in the market and abroad.

“We are committed to working with the regulator to ensure that we are meeting the highest standards of compliance and customer protection,” he added.

Crypto.com also revealed its long-term commitment to the United Arab Emirates in 2022 with the establishment of its regional hub office in Dubai.

H.E. Dr. Thani AI Zeyoudi, Minister of State for Foreign Trade, stated that the UAE was committed to championing “the industries of the future.”

He added that the nation was also committed to developing an ecosystem that attracted pioneers, innovators, and investors to bring them to fruition.