Crypto.com Secures VARA License, Set to Launch Derivative Services in the UAE

Crypto.com has taken massive strides in its quest for global expansion after securing a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) on 14 March 2025.

The approval will enable the exchange to offer derivative products including futures, perpetual swaps, and contracts for difference to institutional clients and qualified retail investors in the UAE and all over. This approval comes just months after the exchange also secured a Virtual Asset Service Provider (VASP) license in November 2023.

Crypto.com Secures VARA License

In the announcement, Crypto.com revealed plans to launch its derivatives services in phases, with institutional clients having access to the service before eventually expanding access to qualified retail investors.

The license also strengthens the company’s partnership with Standard Chartered, allowing all UAE-based users to deposit and withdraw USD directly through the bank’s fiat rails. This integration is possible following Crypto.com’s full operational approval in April 2024 and its August 2024 rollout of global retail services via Standard Chartered.

Furthermore, the approval is part of a broader strategy by the exchange to expand its services across the Middle East and beyond. “We are aggressively transforming Crypto.com to provide users worldwide with all the financial technology tools they seek in one place.” Eric Anziani, President and COO of Crypto.com commented.

Just a day before securing the VARA license, Crypto.com revealed a collaboration with UAE-based AI and tech firm Tawasal. The strategic partnership between both organizations aims to drive the growth of crypto services in the UAE. It positions Crypto.com as Tawasal’s exclusive crypto partner, with plans to integrate its services into the Tawasal Superapp—a platform with nearly 4 million Middle Eastern users.

Dubai Consolidates Status as Growing Crypto Hub

The UAE, particularly Dubai, continues to attract major crypto firms with its progressive regulatory framework. VARA’s approval of Crypto.com’s derivatives license is a testament to the emirate’s reputation as a hub for compliant innovation. This pro approach to the crypto industry reinforces its status as the largest crypto hub in the Middle East.

Mohammed Al-Hakim, Crypto.com’s newly appointed UAE President, and the first Emirati to hold a senior role at a global exchange, forecasts rapid adoption of digital assets in the region. “In the next two years, you’ll be able to do more with cryptocurrency in the UAE than with dirhams or dollars.” he stated in an interview last month.