As an experienced analyst with a background in both traditional finance and digital assets, I find this partnership between Crypto.com and Standard Chartered Bank to be a strategic move that underscores the growing mainstream adoption of cryptocurrencies. The expansion into 90 countries, starting with the UAE, is a testament to the increasing regulatory clarity in the space, particularly in Dubai, which has established itself as a hub for crypto innovation.
crypto.com has teamed up with Standard Chartered Bank to offer fiat money services in more than ninety countries, with operations kick-starting in the United Arab Emirates (UAE) first.
As a crypto enthusiast, I’m thrilled about our new strategic alliance that broadens my access to currencies like the US Dollar, Euro, and UAE Dirham. Our hub in Dubai will oversee these services, making it more convenient for us all. This partnership underscores Crypto.com’s dedication to promoting global crypto adoption, a commitment I wholeheartedly support.
Details Of The Partnership
The Crypto.com app will soon enable users worldwide from more than 90 countries to effortlessly perform cryptocurrency transactions. This functionality is set to launch first in the United Arab Emirates, reflecting a strategic collaboration that aligns with Dubai’s regulatory structure managed by the Virtual Assets Regulatory Authority (VARA). The partnership is viewed as a crucial move in Crypto.com’s broader ambitions for global growth, according to COO Eric Anziani.
This development not only advances us in our worldwide growth strategy, but it also empowers us to offer an exceptional customer experience on a global scale, all while adhering to stringent standards of security and regulatory compliance.
Anziani also called the partnership significant in fostering global crypto adoption.
“Enabling seamless options for fiat deposits and withdrawals worldwide is crucial for us to boost acceptance and realize our goal of making cryptocurrency a common feature in everyone’s wallet.”
1. The service enables hassle-free transactions involving fiat deposits using the Crypto.com application. Speaking about the collaboration, Karl Mohan, who holds positions as the global head of banking partnerships and manager in MEA and APAC regions at Crypto.com, emphasized that it benefits everyone involved.
“Through our collaboration with Standard Chartered Bank, customers can feel secure, knowing they’re dealing with a reputable and reliable global entity. Such partnerships foster trust within the sector, simplifying transactions for our valued clients.”
A Hub For Crypto
In 2022, Dubai created its identity as a major cryptocurrency hub by launching the Virtual Assets Regulatory Authority (VARA). One of the first digital asset exchanges to gain regulatory approval and start operations in the region was Crypto.com. Following this, they established a regional headquarters and introduced an institutionally-focused division. Their upcoming global retail services will be provided through a Dubai-based hub, known for its stringent consumer protection regulations.
2022 saw VARA implementing a rule requiring advertisers and promoters to offer clearer ads as part of strengthening consumer protection. In 2023, the United Arab Emirates enacted a new federal law, necessitating crypto-related entities to obtain a license and approval from their regional regulator. Neglecting this requirement resulted in substantial fines and penalties. Regarding the partnership, Rola Abu Manneh, CEO of Standard Chartered for the UAE, Middle East, and Pakistan regions, commented on it.
“This partnership supports the UAE’s National Agenda, focusing on fostering innovation, promoting economic diversity, and expanding a knowledge-driven economy.”
Recent Partnerships
Crypto.com has been teaming up with various organizations to increase its worldwide presence. Not too long ago, they revealed a multi-year agreement with the UEFA Champions League, making them the first cryptocurrency platform to achieve this. This partnership means that Crypto.com is now the official sponsor of the UEFA Champions League, granting it visibility among football enthusiasts around the world.
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2024-08-30 16:09