Singapore-based digital asset exchange Crypto.com has announced that its local entity, CRO DAX Middle East FZE, has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). This approval enables institutional investors in the United Arab Emirates (UAE) to utilize the Crypto.com exchange.

Crypto.com joins several other crypto entities that have obtained regulatory approvals within the UAE in recent months, including Deribit, M2, Rain, Nexo, Fasset, and OKX. According to Crypto.com, obtaining the full license from VARA represents a milestone as it is the first global crypto operator to be operational with fiat in the UAE. The company has stated plans for further product launches, including additional products targeted towards retail users.

In the past year, Crypto.com has expanded its operational approvals to include Singapore, France, Brazil, and the U.K. However, it has faced challenges such as fines in the Netherlands, workforce reductions, and difficulties maintaining fiat on-ramps during banking crises. Representatives of Crypto.com, emphasized the significance of launching with their institutional services in the UAE market, describing it as fundamental to the company's continued growth and success.

South Korean launch Crypto.com, a cryptocurrency platform with a user base of over 80 million globally, has unveiled the launch of the Crypto.com App in South Korea. This release allows retail users within the South Korean market to participate in trading select cryptocurrencies. Through the Crypto.com App, retail customers gain access to over 150 cryptocurrencies by easily opening cryptocurrency trading accounts.

The platform emphasizes top-tier security measures and holds necessary licensing. Additionally, users can benefit from exclusive NFT projects via Crypto.com NFT, educational resources from Crypto.com University, and industry-leading user benefits and rewards. Representatives of Crypto.com expressed enthusiasm for the launch, underlining South Korea's significance in the company's growth strategy.

They also acknowledged the considered approach of South Korean regulators in advancing the crypto sector and reiterated the company's commitment to responsible growth. In compliance with regulations, Crypto.com has issued a 30-day notice to users of its acquired OK-BIT platform, informing them of the cessation of services effective April 29th, coinciding with the launch of the Crypto.com App. .