In the latest announcement, it was announced that the London-based company received a temporary operating permit in Dubai.
London-based Blockchain.com said it has received provisional approval in Dubai and will work to become the region’s blockchain hub.
Blockchain.com Keeps Growing
Blockchain.com recently announced that it has received provisional approval to operate in Dubai, known for its crypto-friendly practices, and is the latest in a series of digital asset companies to expand in the Gulf region as the region becomes a hub for blockchain.
Blockchain.com, which provides wallet services to users in addition to being a crypto money platform, announced in its latest statement that it has signed an agreement with Dubai’s crypto regulator Virtual Assets Regulatory Authority (VARA) and will open an office in the region and start business.
As economic competition heats up in the Gulf region, the United Arab Emirates (UAE) continues to evolve its asset regulation to bring new business models to its country. Dubai, one of the seven emirates of the United Arab Emirates and the business center of the region, adopted its first law on virtual assets in March 2022. In this context, he established VARA as a regulator for the crypto market. Following the establishment of VARA, virtual asset licenses were also granted to cryptocurrency exchanges Binance and FTX in Dubai.
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