Blockchain.com, the London-based cryptocurrency exchange, has been Obtained provisional regulatory approval from the Virtual Asset Regulatory Authority (VARA), Dubai. With the provisions grantedEnterprise and private customers can use the encryption platform in the United Arab Emirates.
Blockchain.com, via A Blog Postsadvertiser The organization is in the process of establishing a local office in the region. Moreover, the company has whole intentions of hiring for the same. The platform also emphasized the importance of the licensing process as crucial to its commitment to global compliance and regulation.
Peter SmithCEO and Co-Founder, Blockchain.com Appreciated Through the efforts of the local team Twitter.
Dubai has big plans
It was on March 9, 2022 that His Highness Sheikh Mohammed bin Rashid Al Maktoum , Vice President, Prime Minister, Ruler of Dubai agreed Crypto Asset Law. Moreover, with the creation of VARA, the goal of solidifying the UAE’s position as a global player in the virtual asset industry has become easier.
The country’s crypto-asset laws require cryptocurrency exchanges and users to register with the regulator before engaging in crypto-related activities, such as operating a crypto exchange, transferring crypto assets, and trading tokens or other assets. Since then, a number of cryptocurrency exchanges have been granted regulatory approval in the UAE by VARA.
Additionally, on June 3, Crypto.com Receive Temporary approval of MVP virtual assets from VARA. Thus it allows crypto.com to offer crypto products and services. On June 21, Hex Trust Receive Temporary approval from VARA.
On July 14, the crypto trading app was OKX Submitted Temporary license for virtual assets it’s good to. On July 29, FZE, the division of FTX cryptocurrency exchange, Receive Minimum Viable Product (MVP) license from VARA. This proves that the country is open to offering virtual asset exchange products and services in the UAE.
In July, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum most dangerous New metaverse strategy. This strategy aims to increase the number of blockchain and metaverse companies by 5 times in the next five years.
The plan also aims to generate $4 billion. He added that this step will help Dubai to become a leader in the region. This makes it one of the 10 leading economies, in addition to creating 40,000 virtual jobs.
Blockchain.com Goes Abroad
On August 2, Blockchain.com successfully registered Based in the Cayman Islands to provide a range of crypto services to institutional clients. Immediately after the company Believer Regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).
Blockchain.com He said The company is actively seeking additional licenses in other countries as well. These include Germany, the Netherlands, France, Spain and Ireland.
The crypto company operates several offices in North America, Europe, South America, and Singapore.