Crypto.com users will soon be able to transact in U.S. dollars, euros, and dirhams thanks to the crypto exchange’s partnership with Standard Chartered, which will strengthen the connection between the traditional financial system and the crypto market.
Crypto.com officials announced the upcoming launch of services for retail users from more than 90 countries, which will include the ability to deposit and withdraw funds in U.S. dollars, euros, and dirhams. The services will be provided via the crypto exchange’s regional center in Dubai due to the partnership with financial corporation Standard Chartered.
The launch of the new services was made possible by Dubai’s advanced regulatory framework. The press release notes that the oversight of the services provided by Dubai’s Virtual Assets Regulatory Authority (VARA), as well as the involvement of Standard Chartered, will provide users with a safe and secure environment and support the growth of the digital asset industry.
Customers in the UAE will be the first to access the new services, tentatively in September. Crypto.com plans to gradually expand the services to retail customers around the world, allowing them to trade over 250 cryptocurrencies with fiat money.
In 2023, Dubai’s Virtual Assets Regulatory Authority (VARA) adopted a set of rules for virtual asset service providers (VASP) operating in the emirate, with the exception of companies registered in the free economic zone Dubai International Financial Center (DIFC) — their activities are regulated by separate legislation.
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