Crypto.com is strengthening its presence in the UAE by securing a Virtual Assets Regulatory Authority (VARA) license. This enables the company to offer derivative products like futures and perpetual swaps in the region.
Power of a VARA License
The VARA license allows offering derivative products such as futures and perpetual swaps to users in the region. It is a significant step in Crypto.com's global expansion strategy, opening the exchange to the potential launch of contracts for difference (CFD) on the platform.
Alignment with 2025 Roadmap
Securing this license aligns with the company's roadmap for 2025, including significant achievements in the UAE. Key accomplishments include obtaining full operational approval in April 2024 and launching global retail services in August 2024 through a strategic partnership with Standard Chartered. In January 2025, the company received in-principle approval for a MiCA license for expansion in the EU.
Crypto Firms in Dubai
Apart from Crypto.com, many other digital asset service providers have gained support from Dubai regulators through licenses. For instance, last month, Bybit received in-principle approval from the UAE Securities and Commodities Authority to operate as a Virtual Asset Platform Operator. Recently, Ripple received full regulatory approval to offer crypto payment services in the Dubai International Financial Centre.
The growth of crypto businesses in the UAE continues with support and licenses from local regulators. Crypto.com and other companies are actively expanding their presence, taking advantage of favorable conditions.
