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London-based cryptocurrency exchange Blockchain.com Received provisional regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA).There are provisions for grantingInstitutional and retail clients can use the crypt platform in the United Arab Emirates (UAE).
Blockchain.com, via blog postexpress The organization is setting up local offices in the region. In addition, the company has ample recruitment intentions. The platform also highlights the importance of the licensing process, as it is critical to its commitment to global compliance and regulation.
Peter SmithCEO and Co-founder of Blockchain.com appreciate Through the efforts of the local team Twitter.
Dubai has big plans
March 9, 2022, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai officially recognized Crypto Asset Law. Furthermore, with the establishment of VARA, the goal of establishing the UAE as a global player in the virtual asset industry has become easier.
The country’s crypto asset law requires cryptocurrency exchanges and users to register with regulators before engaging in cryptocurrency-related activities, such as operating a cryptocurrency exchange, transferring crypto assets, and trading tokens or other assets. Since then, several cryptocurrency exchanges have received regulatory approval from VARA in the UAE.
Also, on June 3, Crypto.com received VARA’s provisional approval for its virtual asset MVP. Therefore, crypto.com is permitted to offer cryptographic products and services. June 21, Hex Trust received Provisional approval by VARA.
On July 14th, the encrypted trading application OKX was launched if Temporary Virtual Asset License by VARA. On July 29, FZE, a division of cryptocurrency exchange FTX, received VARA’s Minimum Viable Product (MVP) license. This proves that the country is open to offering virtual asset trading products and services in the UAE.
July, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Announce A new metaverse strategy. The strategy aims to 5x the number of blockchain and Metaverse companies in the next five years.
The plan also aims to generate $4 billion. He further added that the move will help Dubai become a metaverse leader in the region. So, in addition to creating 40,000 virtual jobs, it is one of 10 major economies.
Blockchain.com goes overseas
August 2, Blockchain.com successfully registered It offers a range of crypto services to institutional clients in the Cayman Islands.Soon after, the company guaranteed Obtained regulatory approval from Organismo Agenti e Mediatori (OAM) in Italy as a Virtual Asset Service Provider (VASP).
Blockchain network Say The company is also actively seeking additional licenses in other countries. These include Germany, the Netherlands, France, Spain and Ireland.
The crypto firm has multiple offices in North America, Europe, South America, and Singapore.
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