Crypto.com is planning to open a cryptocurrency exchange in Dubai

Crypto.com is about to acquire a regulatory license to expand into Dubai, joining a lengthy list of renowned cryptocurrency exchanges that have been granted permission to build localized platforms in the region.

Crypto.com in Dubai
Crypto.com exchange

The Dubai Virtual Assets Regulatory Authority (VARA) first gave preliminary approval to the crypto exchange for its Virtual Asset MVP License (VARA).


The government established VARA in March to monitor crypto trade and new product issuances. Three weeks after its initial public offering, Crypto.com revealed plans to create a regional office in Dubai.

According to sources, the company plans to offer a full range of cryptocurrency exchange goods and services, including those geared toward institutional investors.


In February, Dubai established its first law covering digital assets. The rules prohibit anybody in Dubai from engaging in digital asset transactions without first getting approval from VARA, including the establishment of crypto exchanges and the management of custodial systems.


For example, all approved cryptocurrency enterprises must adhere to Dubai's stringent market model of testing, adapting, and scaling. Initially, limited exchange of goods and services would be available only to pre-qualified investors and professional financial service providers.


Indeed, Crypto.com's operating license is conditional, which means that it will not be issued until it meets specific criteria. VARA awarded conditional clearance to the corporation based on paperwork proving Crypto.com's guarantee of compliance inspections, subject to more due diligence.


In response, Crypto.com co-founder and CEO Kris Marszalek stated in a statement,

“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance.”

VARA is controlled by the Dubai World Trade Centre Authority (DWTCA), which describes Crypto.com as "one of the anchors partnering with VARA in the construction of a global, future-focused regulatory framework."