PANews reported on March 14 that according to its official blog, the crypto exchange Crypto.com announced today that it has obtained a limited license issued by the Dubai Virtual Asset Regulatory Authority (VARA) to provide derivatives services in the UAE. This license expands the terms of Crypto.com's existing Virtual Asset Service Provider (VASP) license, enabling it to operate in the region.

With this limited license, Crypto.com's regional entity plans to begin offering a variety of derivative products, including futures, perpetual contracts and contracts for difference (CFDs). These services will first be open to qualified institutions around the world, and will subsequently be open to qualified investors. In addition, through this limited license, all Crypto.com retail users can use the US dollar fiat channel to deposit and withdraw US dollars from their Crypto.com accounts through Standard Chartered Bank.

Previously, the company obtained a VASP license in Dubai in November 2023, received full operational approval in April 2024, and launched a global retail service backed by Standard Chartered Bank in August 2024.