Formerly, The Virtual Assets Regulatory Authority of Dubai granted permission to Crypto.com, FTX, and OKX offices to provide crypto-related facilities within the jurisdiction of the country. Blockchain.com, a crypto trading venue, acquired authorization from Dubai’s Virtual Assets Regulatory Authority (VARA).
Dubai Government Authorizes Blockchain.com to Operate
Presently, the crypto organization is running various headquarters in different countries like Singapore, South America, North America, and Europe. On 9th September, Reuters reported that Virtual Assets Regulatory Authority has inked a contract that will permit Blockchain.com to inaugurate an official headquarters in Dubai.
In March, Sheikh Mohammed bin Rashid Al Maktoum – the prime minister of Dubai – declared the creation of the crypto regulatory agency as well as a supporting law. That has been assistive for Crypto.com and it has gained permission from VARA along with that of the sub-branches of both FTX and OLX to run within the jurisdiction to provide the services related to crypto trading.
In July, Al Maktoum additionally declared to roll out a Metaverse-based strategy. The purpose of that program was to offer more than approximately forty-thousand virtual employments to the people living within the country by 2030. Blockchain.com is considered to be among the earliest infrastructure providers for Bitcoin (BTC) and has its headquarters in London.
The platform is additionally targeting to obtain regulatory authorization for establishing its branches in other countries like the Netherlands, Spain, France, and Italy. Cayman Islands Monetary Authority, formally gave a green signal to Blockchain.com in August to run crypto trading and offer custodial services.
Economic Competition Rises in the UAE and Dubai Leads It
After the funding round in March, the value of the Crypto organization has surged to $14B. No doubt it’s a great achievement and they are looking forward to several other such endeavors in the future. In the Reuters report, it was mentioned that a lot of attention has been given by the United Arab Emirates (UAE) to making advancements in the regulation of virtual assets.
This is so to allure a huge amount of business because the whole Gulf zone is witnessing tough competition in the case of the financial sector. Dubai counts to be among the 7 emirates of the UAE as well as a business center within the area. It adopted its initial law covering virtual assets in March along with establishing VARA to provide regulatory services.