Leading cryptocurrency exchange Crypto.com has announced the launch of its new global retail services, significantly simplifying transactions for users in over 90 countries. This exciting development comes in partnership with the renowned Standard Chartered Bank, allowing users to seamlessly deposit and withdraw funds in major fiat currencies – US dollars (USD), Euros (EUR), and United Arab Emirates dirhams (AED) – directly through the Crypto.com app.
A Win-Win Partnership For Global Crypto Adoption
Karl Mohan, Crypto.com’s Global Head of Banking Partnerships and General Manager for MEA and APAC, sees this collaboration as a “win-win situation.” The partnership empowers Crypto.com to offer a wider range of services to its global user base, while Standard Chartered benefits by entering the burgeoning cryptocurrency landscape.
Phased Rollout with Dubai as the Launchpad
The new global retail services will initially be available to users in the United Arab Emirates (UAE), with a gradual rollout planned for other regions soon. This strategic decision leverages Dubai’s burgeoning position as a global crypto hub, supported by the robust regulatory framework established by the Dubai Virtual Assets Regulatory Authority (VARA).
Crypto.com Embraces VARA’s Regulatory Framework
Crypto.com’s decision to establish its regional hub in Dubai underscores the importance of a secure and compliant environment for users. Dubai’s VARA, known for its stringent consumer protection measures, has implemented regulations requiring clear and transparent advertising within the crypto industry. Additionally, a 2023 federal law mandates licensing for all entities involved in crypto activities, ensuring a safe and regulated ecosystem for all participants.
This global retail services launch follows on the heels of another significant milestone for Crypto.com. On August 14th, the exchange became the first crypto platform to secure an exclusive partnership with the prestigious UEFA Champions League. This high-profile sponsorship allows Crypto.com to connect with millions of sports fans worldwide, potentially fostering mainstream crypto adoption beyond traditional sponsorship boundaries.
By simplifying fiat transactions across a vast network of countries, coupled with its strategic partnerships, Crypto.com is poised to further propel the global adoption of cryptocurrencies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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