Crypto.com Secures Provisional Approval To Open Crypto Exchange in Dubai

Blockworks exclusive: Crypto.com is on its way to offering digital asset services in Dubai, joining the likes of Binance, FTX and Bybit

article-image

Dubai skyline | Source: Shutterstock

share

key takeaways

  • Singaporean exchange Crypto.com has furthered its commitment to servicing Dubai’s burgeoning digital asset ecosystem
  • Unlike Binance and Bybit, the firm won’t be moving its headquarters to the emirate

Crypto.com has secured critical government approval to expand into Dubai, joining a string of top crypto exchanges given the greenlight to launch localized platforms in the region.

The Singapore-headquartered exchange first received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). 

The government launched VARA — which oversees crypto trades and new product issuances — in March.

Crypto.com shared plans to set up a regional outpost in Dubai just three weeks after VARA’s inception. The firm plans to eventually provide a full suite of crypto exchange products and services, including offerings geared toward institutional investors, the firm told Blockworks. 

In February, Dubai issued its first law specifically regulating digital assets. It prohibits anyone in Dubai from engaging in digital asset dealings without VARA’s prior authorization – including running crypto exchanges and overseeing custodial solutions. 

The law also requires crypto companies looking to do business in the region to incorporate in Dubai, which explains Crypto.com’s recent move to open a regional office. 

All approved crypto operators must operate within Dubai’s strict market model of testing, adapting then scaling. Initially, only limited exchange products and services can be rendered to pre-qualified investors and professional finance service providers. VARA then monitors the markets before deciding whether to open them to retail investors. 

So far, no regulated crypto exchange offers crypto-to-dirham trading pairs in the UAE, with Kraken pegged to be the first to do so sometime in the near future. Crypto.com declined to comment on its initial crypto offerings. 

Indeed, Crypto.com’s operating license is conditional — until it meets certain mandated requirements. VARA gave the company a conditional go-ahead based on documents outlining Crypto.com’s assurance of compliance checks, pending further due diligence.

“We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance,” Crypto.com co-founder and CEO Kris Marszalek said in a statement. 

Helal Saeed Almarri, director general of the Dubai World Trade Centre Authority (DWTCA), which oversees VARA, called Crypto.com “one of the anchors partnering with VARA in the development of a global, future-focused regulatory framework.”

Last December, DWTCA established a crypto hub in the Dubai World Trade Centre – a government-run exhibition and events facility – which exchange Binance quickly joined. The idea is to give crypto companies a controlled environment in which to set up.

Multiple major crypto players have now secured approval to provide services in the United Arab Emirates (UAE). FTX Europe and Binance both acquired VARA’s Dubai-focused license in March – the latter pledged to move its headquarters to the region shortly after. 

Singaporean crypto derivatives platform Bybit – which is joining Binance in relocating its headquarters to Dubai – also gained VARA approval in April. Crypto hedge fund firm Three Arrows Capital is likewise making the switch from Singapore to Dubai.

San Francisco-based exchange Kraken, on the other hand, opted for neighboring Abu Dhabi, where it received the emirate’s first virtual asset exchange license. 

In any case, Crypto.com formally joining the mix (albeit without relocating its headquarters) proves the UAE is well on its way to becoming a global hub for digital assets – although one that’s very closely regulated.

Crypto.com, founded in 2016, has more than 50 million users worldwide.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens