Crypto.com has now become one of the biggest entities based in Dubai offering crypto trading services. Investors based in Dubai have become the first ever crypto trading platform in the USA to allow investment services using fiat currencies.
The new entity to receive a trading license in the region is called CRO DAX Middle East FZE. The Dubai branch of Crypto.com has received approval from the Virtual Asset Regulatory Authority (VARA) agency.
Pre-Operational Requirements
The regulatory authority issued an announcement in April noting that the firm received the approval after qualifying for the pre-operational requirements as per the VARA license. Crypto.com further stated that the next logical step is to expand crypto trading to institutional investors.
In this manner, qualified retail investors and institutional clients will be able to access services such as spot trading, OTC (over-the-counter) trading, and staking brokerage platforms.
Eric Anziani, the president and CEO of Crypto.com reported to Cointelegraph that the firm has become the first global cryptocurrency operator that is operational with fiat in the UAE and has completed an important milestone that reflects good terms with regulatory agencies and the determination of the company towards compliance.
He further stated that institutional trading exchange is fundamental to the continued growth of the state.
Crypto.com Entry in Dubai
Stuart Isted, the GM of the crypto trading platform for the Middle East and Africa, endorsed the remarks of Anziani about the firm’s focus on working in tandem with VARA and advance the crypto sector in a responsible manner. Crypto.com is based in Hong Kong and currently operates out of Singapore. However, the firm has continued to scale operations over the past year.
The CEO of the trading platform had a conversation with Cointelegraph about the rapidly changing regulatory climate in the EU after MiCA. The executive noted that the firm this regulatory framework can extenuate the expansion efforts of major cryptocurrency trading platforms all across Europe.
MiCA is set to go into effect from the ongoing year. Later in the month, Crypto.com also worked on promoting BTG Pactual issued BTG Dol stablecoin.
As part of the promotion and marketing event, the firm allowed investors to pair the stablecoin with Bitcoin and Ethereum. On 2nd April, the trading platform declared that it is going to launch a new trading app for retail investors based in South Korea.
The exchange platform also faced regulatory backlash from the Dutch Central Bank that imposed on the firm for registration violations. The trading platform however filed an objection to the block the the monetary penalty. However, it later applied for registration and remained operational in the Netherlands.
Token2049 Festival
Ava Labs founder Emin Gun Sirer spoke with journalists from Cointelegraph about the Token2049 festival organized in Dubai. The executive noted that the event was worth travelling to Dubai because of the new energy brought to the crypto community.
The members of the UAE who attended the event were exclusive leaders and executives. On 18th April, the attendees gathered to meet at blocked roads and challenges that would otherwise deter people from travelling to the area.
One of the attendees was Tether CEO Paolo Ardoino who claimed that he had to wait for an extra two hours in the air because his plane was unable to land during the sand storm. However, after experiencing the glorious success of the event in question, the executive expressed gratitude for the diversity of people in the crypto community.
It is a good sign that this industry is composed of participants who are willing to group up to discuss and push the industry forward.
Ava Labs leader Emin Gun Sirer also talked about the travelling constraints that he and his team faced. He stated that it was extremely difficult to reach the location of the event. However, the firm landed in the middle of one of the biggest storms and spent five hours instead of a 20-minute smooth landing.
Sirer told the media that attending the event was the perfect choice. The executive further stated that his team had to use a lot of water but the hassle was worth the effort because the energy in the room was flabbergasting.
