Crypto company “Blockchain.com” receives temporary approval from the regulatory authority in Dubai
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Answer Crypto company “Blockchain.com” receives temporary approval from the regulatory authority in Dubai
Cryptocurrency service provider, Blockchain.com, recently announced that the company has signed a Memorandum of Understanding (MoU) with the Virtual Asset Regulatory Authority (VARA) in Dubai.
According to the details shared by Blockchain.com, retail and institutional customers in Dubai will soon have access to technology-based financial services.
Dubai is one of the fastest growing cryptocurrency markets.
The United Arab Emirates is home to some of the world’s leading crypto companies.
Earlier this year, crypto company Komainu also received temporary regulatory approval from VARA in Dubai.
In July 2022, FTX Exchange FZE, a subsidiary of European FTX, announced that the company had received approval from the Virtual Asset Regulatory Authority.
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The Arab Emirates and its ambition to become a center for cryptocurrency and blockchain:
The United Arab Emirates, known for its innovation in architecture, finance and travel, aspires to become a hub for global assets and blockchain technology. Dubai is committed to providing the crypto industry with a meaningful center of gravity that will also boost the local economy.
The regulator’s strategy is to provide targeted guidance and regulatory predictability to virtual asset service providers while protecting investors and enabling the growth of the virtual asset sector.
In March 2022, Binance solidified its presence in the Middle East by acquiring a license in Dubai.
In the past few years, many crypto and blockchain companies have opened their offices in Dubai.
In November 2020, Ripple announced the selection of Dubai for its regional headquarters.
Blockchain.com highlighted that the company is in the process of opening a local office in Dubai, and its statement is as follows:
Cryptocurrency investors in Dubai and the surrounding areas will soon be able to experience Blockchain.com’s full suite of brokerage tools for individuals and institutions including custodial, trading, and OTC brokerage services for institutional clients.
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As part of our local commitment, Blockchain.com is in the process of opening a local office and intends to recruit in the region.
We are also actively seeking a trial local license, to be followed by a full license as soon as it becomes available.
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