Crypto.com Launches New Global Fiat Services with Standard Chartered

Crypto.com, a Singapore-based cryptocurrency exchange, has introduced new global retail services in collaboration with Standard Chartered, offering users the ability to transact in US dollars, euros and United Arab Emirates dirhams.

These services are available to users in over 90 countries via the Crypto.com app, allowing them to deposit and withdraw the fiat currencies in question.

Karl Mohan, global head of banking partnerships at Crypto.com and general manager for the MEA and APAC regions, described the partnership as mutually beneficial. He noted that teaming up with a trusted brand like Standard Chartered increases consumer confidence and facilitates transactions, which in turn boosts trust in the cryptocurrency industry.

Initially, these global services will be available to customers in the UAE, with plans to gradually expand to other regions. The initiative is backed by Standard Chartered and operates under Dubai’s Virtual Assets Regulatory Authority (VARA).

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Crypto.com’s services will be managed through its regional hub in Dubai, a region known for its strict consumer protection laws. Dubai’s VARA framework, established in 2022, enforces clear advertising practices for merchants and requires crypto-related entities to obtain regulatory approval to avoid stiff penalties.

Alexander Stefanov