London-based crypto exchange Blockchain.com has been has obtained interim regulatory approval by the Virtual Assets Regulatory Authority (VARA), Dubai. With provisions grantedinstitutional and retail clients can use the crypto platform in the United Arab Emirates (UAE).
Blockchain.com, through a blog postdeclared that the organization is in the process of setting up a local office in the region. Moreover, the company has every intention of hiring for the same. The platform also highlighted the importance of the licensing process as an essential part of its commitment to global compliance and regulation.
Peter SmithCEO and Co-Founder, Blockchain.com appreciated the efforts of the local team through Twitter.
Dubai has big plans
It is on March 9, 2022 that HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai approved the Crypto Assets Act. Moreover, with the establishment of VARA, the goal of establishing the UAE’s position as a global player in the virtual asset industry becomes easier.
The country’s Crypto Assets Act requires cryptocurrency exchanges and users to register with the regulator before engaging in crypto-related activities, such as operating a cryptocurrency. crypto exchange, the transfer of crypto assets and the exchange of tokens or other assets. Since then, a number of cryptocurrency exchanges have gained regulatory approval in the UAE by VARA.
Additionally, on June 3, Crypto.com received tentative approval of its Virtual Asset MVP by VARA. Thus, allowing crypto.com to offer crypto products and services. June 21, Hex Trust received provisional approval from VARA.
On July 14, crypto-trading app OKX was provided a temporary virtual asset license by Vara. On July 29, FZE, a division of the FTX cryptocurrency exchange, received VARA’s Minimum Viable Product (MVP) license. This proves that the country is ready to offer virtual asset exchange products and services in the UAE.
In July, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announcement a new metaverse strategy. This strategy aims to multiply by 5 the number of blockchain and metaverse companies over 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 top 10 economies, in addition to generating 40,000 virtual jobs.
August 2, Blockchain.com with success registered sets up shop in the Cayman Islands to offer a range of crypto services to institutional clients. Shortly after, the company secured regulatory approval of Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).
Blockchain.com said that the company is actively seeking additional licenses in other countries as well. These include Germany, the Netherlands, France, Spain and Ireland.
The crypto company operates multiple offices in North America, Europe, South America, and Singapore.