Blockchain.com, a London-based cryptocurrency exchange, Provisional regulatory approval has been granted by Dubai’s Virtual Assets Regulatory Authority (VARA).There is a grant provisioninstitutions and retail clients can use the crypt platform in the United Arab Emirates (UAE).
Blockchain.com, blog postsaid The organization is in the process of establishing a local office in the area. Moreover, the company has full intentions to adopt the same. The platform also highlighted the importance of the licensing process as integral to its global compliance and regulatory commitments.
peter smithCEO and Co-Founder of Blockchain.com Gratitude local team effort twitter.
Dubai has big plans
March 9, 2022, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, Emir of Dubai approved Crypto Asset Law. Furthermore, the establishment of VARA will help the UAE achieve its goal of establishing itself as a global player in the crypto-asset industry.
The country’s cryptocurrency laws require cryptocurrency exchanges and users to register with regulatory bodies before engaging in crypto-related activities, such as operating crypto exchanges, transferring crypto assets, trading tokens and other assets. . Since then, a number of cryptocurrency exchanges have been approved by the UAE regulator by VARA.
Additionally, on June 3, Crypto.com received Provisional Approval of Virtual Asset MVP from VARA. Therefore, crypto.com will be able to offer crypto products and services. Hex Trust on June 21 received Provisional approval from VARA.
On July 14th, cryptocurrency trading application OKX sponsored Temporary Virtual Asset License by VARA. On July 29, FZE, a division of the virtual currency exchange FTX, received Minimal Viable Product (MVP) License by VARA. This proves the country’s openness to offering virtual asset exchange products and services in the United Arab Emirates.
July, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced A new metaverse strategy. The strategy aims to quintuple the number of blockchain and metaverse companies over the next five years.
The plan also aims to generate $4 billion. He further added that the move would help Dubai become a leader in the region’s metaverse, thus generating 40,000 virtual jobs as well as making him one of 10 major economies.
Global Expansion of Blockchain.com
Blockchain.com, August 2nd Successfully Registered Established in the Cayman Islands to provide a range of crypto services to institutional investors.Shortly thereafter, the company Safe It has regulatory approval as a Virtual Asset Service Provider (VASP) from the Italian Organismo Agenti e Mediatori (OAM).
Blockchain.com Said The company is actively pursuing additional licenses in other countries. These include Germany, Holland, France, Spain and Ireland.
The crypto company operates multiple offices in North America, Europe, South America and Singapore.