Dubai’s Virtual Assets Regulatory Authority (VARA) has been reported to have granted regulatory approval to Blockchain.com, a platform for blockchain wallets and cryptocurrency exchange.
Reuters reported that VARA had signed a contract that enabled Blockchain.com to establish its base of operation in Dubai. Currently, the crypto company has offices all over Europe, North America, Singapore and South America.
Crypto.com, OKX, and FTX subsidiaries were granted approval by VARA to offer crypto-related services in the emirate, after Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum announced the formation of the crypto regulator and a corresponding law in March.
In addition, Al Maktoum unveiled a metaverse strategy in July with an aim to create over 40,000 virtual jobs in Dubai by the year 2030.
Blockchain.com, one of the first London-based Bitcoin infrastructure firms, is striving for regulatory approval in France, Italy, Spain, and The Netherlands.
The Cayman Islands Monetary Authority gave Blockchain.com an official go-ahead to run an exchange and offer custodial services. The crypto firm was allegedly valued at $14 billion following the March funding round.
