Dubai’s Virtual Assets Regulatory Authority has granted a Virtual Asset Service Provider license to trading company Crypto.com. According to an April 9 notice, the crypto exchange has full authority to service institutional investors in the emirate. Launching with our world-class Crypto.com Exchange institutional services will be fundamental to our continued growth and success in such a key market for our company.

Crypto.com is one of the first international operators to offer crypto-fiat facilities in Dubai after satisfying the Virtual Assets Regulatory Authority’s (VARA) provisional conditions in November last year. The firm is also enlarging its foothold across Asia and Europe, with crypto licenses secured in jurisdictions like South Korea, Spain, the Netherlands, and the U.K.

The United Arab Emirates’ capital city established its VARA in March 2022 following crypto’s peak the previous year. Dubai created the agency to oversee its burgeoning digital asset ecosystem and support innovation without jeopardizing investor safety. In February last year, VARA launched its regulatory regime, which provides a comprehensive framework for crypto operators and Virtual Asset Service Providers (VASP) interested in doing business within the UAE city.

Per information on VARA’s website, the regulatory watchdog issued 19 full digital asset licenses in January, with 72 additional initial approvals pending complete issuance. While the Emirati city suggests a booming virtual currency economy to observers, reports indicate that the region may not be so convenient for crypto entrepreneurs.

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