Blockchain.com, London-based crypto exchange, has been granted a provisional regulatory approval by the Virtual Assets Regulatory Authority (VARA), Dubai. With granted provisions, institutional and retail clients can use the crypt platform in the United Arab Emirates (UAE).
Blockchain.com, via a blogpost, stated that the organization is in the process of setting up a local office in the area. Furthermore, the company has full intentions of hiring for the same. The platform also underlined the importance of the licensing process as critical to its commitment to global compliance and regulation.
Peter Smith, CEO and co-founder, Blockchain.com appreciated the efforts of the local team via Twitter.
Dubai has big plans
It was on 9 March 2022 that HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai approved the crypto assets law. Furthermore, with the establishment of VARA the goal of establishing the UAE’s position as a global player in the virtual assets industry becomes easier.
The country’s crypto assets law necessitates cryptocurrency exchanges and users to register with the 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, a number of cryptocurrency exchanges have been granted regulatory approval in the UAE by VARA.
Furthermore, on 3 June, Crypto.com received provisional approval of its Virtual Asset MVP from VARA. Thus, allowing crypto.com to offer crypto products and services. On 21 June, Hex Trust received a provisional approval from VARA.
On 14 July, crypto trading application OKX was provided a provisional virtual assets license by VARA. On 29 July, FZE, a division of the cryptocurrency exchange FTX, received the Minimal Viable Product (MVP) license by VARA. This proves 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. This strategy aims at increasing the number of blockchain and metaverse companies by 5x 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. Thus, making it one of the 10 leading economies, besides generating 40,000 virtual jobs.
Blockchain.com going overseas
On 2 August, Blockchain.com successfully registered itself in the Cayman Islands to offer a range of crypto services to institutional clients. Soon after, the company secured regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).
Blockchain.com said that the company is actively pursuing additional licenses in other countries as well. These include Germany, the Netherlands, France, Spain, and Ireland.
The crypto firm operates several offices in North America, Europe, South America, and Singapore.