The United Arab Emirates has to be one of the regions that has proven itself as a haven for crypto business in recent months. Crypto.com is the latest digital asset-based business to secure a Virtual Assets Regulatory Authority (VARA) license from the authorities in Dubai. Consequently, it can now legally offer its services to institutions and eligible high-worth individuals within the UAE.
Power of a VARA License
Notably, the VARA license approves offering derivative products like futures and perpetual swaps to users in the region.
While the license comes with limitations, it marks a major step forward in Crypto.com’s global expansion strategy. This VARA license also opens the exchange to the possible launch of futures, perpetual swap contracts, and contracts for difference (CFDs) on the platform.
Eric Anziani, President and COO of Crypto.com, said, “We are aggressively transforming and evolving Crypto.com to provide users around the world all of the financial technology tools they are looking for in one place.”
Crypto.com is in Touch With its 2025 Roadmap
Securing this license aligns with the derivative exchange’s roadmap for 2025, which includes conducting several major rollouts and achieving regulatory milestones in the UAE. The company has held the VASP license since November 2023, and during that time, it has made significant strides.
A few of its core achievements include receiving 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 Singapore-based digital asset exchange secured in-principle approval for a Markets in Crypto Assets (MiCA) license, a step towards its expansion in the EU.
Crypto Firms Enjoy Haven in Dubai
Apart from Crypto.com, several other digital asset service providers have enjoyed support from Dubai regulators through licenses.
Last month, Bybit received in-principle approval from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) to operate as a “Virtual Asset Platform Operator.” This gave the firm the legal grounds to offer several digital asset services to retail and institutional clients in Dubai.
More recently, blockchain payment firm Ripple officially received full regulatory approval from the Dubai Financial Services Authority (DFSA). Ripple now has the backing to offer cross-border crypto payment services within the Dubai International Financial Centre (DIFC), a key financial hub in the United Arab Emirates (UAE).
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