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The Virtual Assets Regulatory Authority of Dubai (VARA) previously approved Crypto.com subsidiaries OKX and FTX to provide cryptocurrency-related services in the emirate.
Blockchain wallets and cryptocurrency exchange platforms Blockchain.com reportedly secured regulatory approvals from Dubai’s Virtual Assets Authority.
According to a report on Friday from Reuters, VARA signed an agreement allowing Blockchain.com to open an office in Dubai. The cryptocurrency company currently operates several offices in North America, Europe, South America, and Singapore.
Great work by the team here – Dubai ✅✅🚀🚀https://t.co/8nQm8w8y3g
— Peter Smith (@OneMorePeter) September 9, 2022
Since Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum announced the creation of a cryptocurrency regulator and an accompanying law on May 3, VARA has approved Crypto.com subsidiaries, OKX and FTX to provide cryptocurrency-related services in the emirate. In July, Al Maktoum also launched a metaverse strategy to bring more than 40,000 jobs to Dubai by 2030.
One of the oldest bitcoin (BTC) infrastructure companies and headquartered in London, Blockchain.com is also aiming for regulatory approval in Italy, France, Spain, and the Netherlands.
In August, the Cayman Islands Monetary Authority officially authorized Blockchain.com to operate the exchange and provide custody services. After a funding round in March, the cryptocurrency company was reportedly valued at $14 billion.
