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Crypto.com to offer fiat services from Dubai: Cryptocurrency exchange Crypto.com will allow clients to withdraw and deposit AED, USD, and EUR onto its platform in partnership with Standard Chartered from their regional hub in Dubai starting next month, it said in a statement. The services will be offered to UAE retail investors first, then progressively expanded across 90 countries, it added.
Crypto.com is the first exchange to offer fiat services globally in the three currencies, the statement said. The offering will allow investors to buy, sell and trade more than 250 cryptocurrencies.
What will Standard Chartered do? The bank will provide Crypto.com with the banking and payment processing infrastructure to process transactions on the platform, the statement said.
Background: Crypto.com became one of the first crypto platforms to receive full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in April.
REMEMBER- The Dubai Financial Services Authority recently eased regulations around unrecognized crypto tokens and stablecoins, while the Central Bank of the UAE’s board greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies.
