- Crypto.com secures VARA license to offer derivatives in the UAE.
- Tawasal partnership brings Crypto.com’s services to 4M users.
- Crypto.com plans to offer futures, CFDs, and perpetual swaps.
Crypto.com has obtained a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) which allows the company to provide derivatives products in the UAE market. The new license enables the company to extend its operations across the region through its established Virtual Asset Service Providers (VASP) license. This development allows the exchange to offer products such as futures, perpetual swap contracts and Contracts for Difference (CFDs).
Crypto.com Obtains VARA License
The license represents Crypto.com’s continued effort to expand its business operations. The derivatives products will become available first to eligible institutions across the global market. The products will later become available for qualified investors. Standard Chartered Bank allows Crypto.com retail users to deposit and withdraw USD through its platform.
The partnership between Crypto.com and UAE-based Tawasal strengthens the exchange’s expansion in the Middle East. Tawasal plans to promote the exchange across its local and regional network of partners in the Middle East. Moreover, the collaboration between Tawasal’s Superapp and the exchange enables its 4 million users to trade cryptocurrencies.
The president of Crypto.com UAE, Mohammed Al-Hakim recognizes the increased importance of cryptocurrencies in the region. Al-Hakim projects that digital assets may surpass traditional currencies as the primary payment method in everyday use within two years. As the first Emirati CEO for Crypto.com in the UAE he brings essential leadership to strengthen the company’s market position.
Global Expansion Strategy
This new limited license allows Crypto.com to expand its derivative products to global markets. The exchange has achieved various regulatory milestones in the UAE since its first VASP license in November 2023. In April 2024 the company received full operational authorization and in August 2024 the exchange launched its retail services through Standard Chartered.
The UAE market plays an important role for Crypto.com as the company expands its business operations across the world. These new derivatives trading options offer advanced products to institutions and qualified investors. The company has chosen its UAE entity to distribute these products as part of its expansion strategy in the region.
Eric Anziani, Crypto.com’s President and COO, announced the company’s continued development to serve global users with their financial requirements. The company plans to achieve additional product releases and regulatory approvals as part of its 2025 roadmap. The limited license enables the exchange to extend its financial instruments to users across the world.
Crypto.com’s strategic initiatives support its mission to establish the firm as a leader in the digital asset market. The company aims to seize the opportunity of rising crypto adoption in the UAE through its service expansion. The cooperation with Tawasal and the new license are crucial to realize the company’s growth objectives.