Blockchain.com Gets Regulatory Approval to Operate Crypto Exchange in Dubai
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Blockchain.com, a London-based crypto company, announced on Friday that it has received regulatory approval for its operations exchange in Dubai, a city in the United Arab Emirates (UAE).
Following the approval, the UK-based firm said it had signed an agreement with VARA to allow Blockchain.com to open an office in Dubai, with the belief that it will soon begin offering regulated crypto-derivative products to institutional investors in Dubai. It plans to offer transaction and custody services to retail users in the UAE.
This development by Blockchain.com comes at a time when more and more crypto companies such as FTX, Binance and others are expanding their footprint in Dubai.
On March 11, Dubai launched Virtual Asset Licensing (VAL) for crypto companies. The VAL Act led to the establishment of the Dubai Virtual Assets Regulatory Authority (VARA).
When Dubai started offering virtual asset licenses, many crypto companies set up shop in Dubai, making the Gulf country the latest jurisdiction to become a hub for the global crypto industry.
In August, Blockchain.com announced that it had received full regulatory approval from the Cayman Islands Monetary Authority (CIMA) for the operation of its exchange and clearinghouse in the Cayman Islands.
Last month, Blockchain.com said the registration is an important part of its global plans to offer services across Europe and the rest of the world, as the exchange is in the process of receiving approval from the Italian regulator.
It was stated at the exchange that compliance and authority approvals are sought from each regional country, and the company is also committed to developing e.g. in France, Spain and the Netherlands.
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