Crypto.com has been focused on the UAE for a while now. Today, 14 March 2025, the company announced receiving a limited licence by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives in the UAE.
With its existing Virtual Asset Service Providers (VASP) license to operate in the UAE, the company is strengthening its presence in the region.
With this limited licence, Crypto.com plans to initiate offering various derivatives products, including futures, perpetual swap contracts, and CFDs.
Our latest regulatory milestone – @cryptocom has received its license from @varadubai to offer derivatives in the #UAE.
Learn more
https://t.co/LWlun3P3Ue pic.twitter.com/ZqTFrGy0Xq
— Crypto.com (@cryptocom) March 14, 2025
Commenting on the development, 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.”
“With this approval from VARA for a limited licence, we are taking a significant and exciting step forward in our pursuit,” he added.
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Partnership With Local Tech Firm Tawasal
The company has also announced a partnership with an AI and technology player, Tawasal, of the UAE. “This strategic partnership with Tawasal will see Crypto.com become their exclusive crypto partner of choice,” Crypto.com said on 13 March 2025.
Aparently, the integration is expected to be done in two phases. The first iteration of this deal will see Crypto.com’s platform referred by Tawasal Alkhaleej to its local and Middle East partners and collaborators. Second, there are also plans to integrate the Crypto.com platform into UAE’s leading Tawasal Superapp offering access to Crypto.com’s products and services and the ability to trade crypto to nearly 4 million users.
Commenting on the partnership, Khamis AlShamsi, Chairman of Tawasal Alkhaleej said, “Partnering with Crypto.com is about expansion, driving growth, and making the Crypto services even more attractive for UAE consumers.”
“This partnership is an outstanding example of how the UAE tech ecosystem is thriving, and where the integration of digital assets products can benefit companies and consumers alike, giving simplified access to cryptocurrency which not only encourages adoption but also progresses the development of our industry,” said Anziani.
“You will be able to do more with cryptocurrency than with Dirham and Dollar,” Says Crypto.com UAE Head
Mohammed Al-Hakim, the newly appointed President of Crypto.com UAE predicts that with the rise in crypto adoption in the region, digital assets might surpass traditional currencies in daily use cases.
In an interview with a local media outlet on 19 February 2025, Hakim said, “In the next two years in the UAE, you will be able to do more with cryptocurrency than with the dirham and dollar.”
Hakim’s appointment as President of Crypto.com in the UAE makes him the first GCC and an Emirati national to assume a senior role in a global crypto exchange. Hakim’s appointment is expected to help Crypto.com better navigate its expansion in the Gulf region.
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Key Takeaways
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Crypto.com received a limited licence by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivatives in the UAE.
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Through this limited licence, all Crypto.com retail users can access USD fiat rails for depositing and withdrawing USD from their Crypto.com account via Standard Chartered.
The post This Week In Crypto Asia: Crypto.com Focuses On UAE, Receives License To Offer Derivatives appeared first on 99Bitcoins.
