This cryptocurrency exchange becomes the latest to be set up in the UAE

London-based cryptocurrency exchange Blockchain.com was has obtained provisional regulatory approval from the Virtual Assets Regulatory Authority (VARA), Dubai. With measures 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. Furthermore, 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.

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Dubai has big plans

It is March 9, 2022 that HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai approved the cryptocurrency law. Furthermore, with the establishment of VARA, the goal of establishing the UAE’s position as a global player in the virtual assets sector becomes easier.

The country’s Crypto Assets Act requires cryptocurrency exchanges and users to register with the regulatory authority before engaging in cryptocurrency-related activities, such as running a cryptocurrency exchange, transferring crypto assets, and exchanging tokens or other resources. Since then, numerous cryptocurrency exchanges have gained regulatory approval in the UAE by VARA.

Also, on June 3rd, Crypto.com received provisional approval of its Virtual Asset MVP by VARA. Therefore, allowing crypto.com to offer cryptographic products and services. June 21, Hex Trust received provisional approval by VARA.

On July 14, the OKX cryptocurrency trading app was provided a temporary virtual resource license by Vara. On July 29, FZE, a division of the cryptocurrency exchange FTX, received VARA Minimum Viable Product (MVP) license. This shows that the country is ready to offer virtual asset trading 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 the number of blockchain and metaverse companies by 5 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, as well as generating 40,000 virtual jobs.

Blockchain.com abroad

August 2, Blockchain.com with success registered opens store in the Cayman Islands to offer a range of crypto services to institutional clients. Shortly after, the company protected regulatory approval of the Italian Agents and Mediators Body (OAM) as Virtual Asset Service Provider (VASP).

Blockchain.com She said that the company is actively seeking further licenses in other countries as well. These include Germany, the Netherlands, France, Spain and Ireland.

The cryptocurrency firm operates multiple offices in North America, Europe, South America, and Singapore.

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