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Crypto Firm Blockchain.com Gets Provisional Approval in Dubai

Crypto Firm Blockchain.com Gets Provisional Approval in Dubai

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Dubai has become one of the main hubs for cryptocurrency transactions due to its clear cryptocurrency regulatory framework. The area has attracted many cryptocurrency companies that have been licensed, with Blockchain.com being the latest entrant.

Blockchain.com gets provisional license in Dubai

According to a Reuters report, Blockchain.com had received a temporary license to operate in Dubai. Blockchain.com has now become the latest virtual asset company to expand into the Gulf region as the region continues to attract blockchain technology and innovation.

Blockchain.com is a cryptocurrency company that operates a cryptocurrency exchange and maintains a cryptocurrency wallet. On Friday, Blockchain.com announced that it has received a license agreement with Dubai’s financial market regulator, the Virtual Assets Regulator Authority (VARA).

With this approval, Blockchauin.com will soon open an office in Dubai and will begin hiring staff to operate from the office, strengthening its local market in the region. The growing number of crypto businesses in Dubai makes it one of the most attractive markets for crypto businesses as the demand for these assets is expected to increase.

On the other hand, Blockchain.com is looking to expand its presence in other regions as well, including Europe. The company recently announced that it has acquired a virtual asset provider license in Italy. Like Dubai, Italy has attracted a number of crypto companies with a friendly regulatory framework.

Crypto regulatory framework in Dubai

The United Arab Emirates has become one of the key hubs of crypto activity. The friendly regulatory framework has attracted all kinds of cryptocurrency businesses to the region as competition for digital innovation increases globally.

At the end of August last year, Dubai’s regulatory authorities published new cryptocurrency marketing rules. Regulatory clarity aimed to protect the growing number of investors buying crypto investments.

VARA, Dubai’s main regulatory body, has been tasked with providing guidelines that guide a number of crypto services, such as marketing, advertising and promotion of digital assets. The guidelines provided by VARA require all local virtual asset service providers, such as advertising platforms, to ensure clear information about what investing in cryptoassets means.

According to VARA, crypto companies promoting their products and services must remain factual and ensure that they do not provide advertising information that misleads potential investors.

The VARA guidelines on crypto-advertising are wide-ranging, as they cover all communications related to virtual assets. Additionally, companies required to comply with these advertising guidelines include media search platforms, media websites, and online and offline publishing platforms targeting the Dubai crypto market.

Dubai has stood out as the main hub of crypto business in the UAE. The country passed the first digital asset market law in March. With this law, VARA was established as the regulatory body for Dubai’s crypto sector. The UAE has also granted virtual asset licenses to some of the biggest cryptocurrency companies such as Binance and FTX.

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