This cryptocurrency exchange becomes the latest to set up shop in the UAE
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Blockchain.com, a crypto exchange based in London, has been received provisional regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA). With granted conditionsinstitutional and retail clients can use the crypto platform In the United Arab Emirates (UAE).
Blockchain.com via a blog poststated that the organization is establishing a local office in the area. In addition, the company has full intentions to hire for the same. The platform also highlighted the importance of the licensing process to its commitment to global compliance and regulation.
Peter SmithCEO and Co-Founder, Blockchain.com valued through the efforts of the local team Twitter.
Dubai has big plans
It was March 9, 2022 when HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai admitted cryptocurrency law. In addition, with the establishment of VARA, the goal of strengthening the position of the United Arab Emirates as a global player in the field of virtual assets becomes easier.
The country’s cryptocurrency law requires cryptocurrency exchanges and users to register with a regulatory body before engaging in crypto-related activities, such as operating a crypto exchange, transferring crypto assets, and trading tokens or other assets. Since then, VARA has granted several cryptocurrency exchanges regulatory approval in the United Arab Emirates.
Additionally, on June 3, Crypto.com got Provisional approval of Virtual Asset MVP by VARA. Thus, crypto.com can offer crypto products and services. June 21, Hex Trust got provisional approval from VARA.
On July 14, crypto trading app OKX was is offered temporary virtual asset license written by VARA. On July 29, FZE, a division of cryptocurrency exchange FTX, got Minimal Viable Product (MVP) license issued by VARA. This shows that the country is open to offering virtual asset exchange products and services in the UAE.
In July HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced a new metaverse strategy. The goal of this strategy is to increase the number of blockchain and metaverse companies fivefold in the next five years.
The plan also aims to generate $4 billion. He added that the move will help Dubai emerge as a metaversal leader in the region. Thus, it is one of the 10 leading economies and creates 40,000 virtual jobs.
Blockchain.com is moving abroad
August 2, Blockchain.com successfully incorporated itself in the Cayman Islands to offer a range of crypto services to institutional clients. Soon after, the company secure Official approval of the Italian Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).
Blockchain.com said that the company is actively applying for additional licenses in other countries as well. These include Germany, the Netherlands, France, Spain and Ireland.
The crypto company has several offices in North America, Europe, South America and Singapore.