The Crypto.com group is moving quickly to be licensed to operate in Dubai, taking advantage of the local government’s recently adopted regulatory plan. The Singaporean giant will join the other exchanges in the area, with the city thus seriously aiming to become a globally well-known crypto hub.
FTX, Binance, and Bybit are already operating in the area. The last two even moved their regional offices to the Arabic Emirate or applied to get a license.
A very attractive situation for the small and powerful emirate as well as for Crypto.com.
All this took place during a very lucky moment for the exchange, both in terms of commercial and licensing. In fact, the well-known exchange is aiming to be among the most important in the world and it grew exponentially in the last two years as well.
Having just received approval from the local government a few days ago, Crypto.com is stepping up its operations immediately after initial regulations. According to the newly formed Dubai Virtual Assets Regulatory Authority, the operator’s license has already been approved temporarily.
“We are excited to provide more of our products and services in a market that is of great importance to our business and is equally committed to regulations”.
These are the words of Kris Marszalek, the current Chief Executive Officer at Crypto.com who is obviously delighted with the treatment that was given to his exchange in a country that is definitely interesting in regulatory and financial terms—thus confirming that he wants to try to become a center of innovation in the financial field as well.
Binance, the famous exchange that is booming in those countries that are trying to provide clear regulations, has been among the first to operate in the land of oil, which has well-written and functional regulations to accommodate operators in the crypto world and related businesses.
Dubai’s moves are clearly showing how seriously the country is working to be a cryptocurrency hub of international relevance, taking advantage of its status as the main financial center of the rich economies of the Middle East.
Another confirmation that Dubai is a crypto-friendly city is that next October they will host an important event: the Crypto Expo Dubai (CED) which is the largest event in Asia for Investors and a great opportunity for crypto industry leaders to network.
The volume of business that is generated by cryptocurrencies is setting off tight competition among states, and in this competition, Dubai appears to be advantaged by a particularly efficient and highly attractive regulatory system for big financial traders.
There are many organizations around the world that are looking to Dubai as the next location for their business. Not long ago we told you about the country’s main airline embracing crypto, while we have to go back a few months to find confirmation of the Emirates’ expansionist aims in the crypto sector. This a project that has its origins even earlier, with the first real signals coming to us now almost a year ago, with the presentation of programs now becoming more than just real. Who knows if this might turn out to be some utopian blockchain city.