Aiying reported that Crypto.com received a limited license issued by the Dubai Virtual Asset Regulatory Authority (VARA) today, allowing it to provide derivatives trading services in the UAE.
This license will enable Crypto.com to launch derivative products such as futures contracts, perpetual swaps and contracts for difference (CFDs) in regional markets. The company plans to first open these products to qualified institutions around the world, and then provide services to qualified investors. The license also provides a US dollar fiat channel for Crypto.com retail users, allowing users to deposit and withdraw US dollars through Standard Chartered Bank.