The Virtual Assets Regulatory Authority of Dubai previously approved subsidiaries of Crypto.com, OKX, and FTX to provide crypto-related services in the emirate.
Blockchain.com, a blockchain wallet, and cryptocurrency exchange website, has purportedly received regulatory permission from Dubai’s Virtual Assets Regulatory Authority, or VARA.
VARA has signed an agreement allowing Blockchain.com to open an office in Dubai. The cryptocurrency corporation presently has offices in North America, Europe, South America, and Singapore.
VARA has granted clearance for Crypto.com, OKX, and FTX subsidiaries to offer crypto-related services in the emirate since Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum announced the establishment of the crypto regulator and an accompanying law in March. Al Maktoum also unveiled a metaverse strategy in July, with the goal of bringing more than 40,000 virtual jobs to Dubai by 2030.
Blockchain.com, one of the earliest Bitcoin (BTC) infrastructure providers headquartered in London, is also vying for regulatory certification in Italy, France, Spain, and the Netherlands. The Cayman Islands Monetary Authority formally licensed Blockchain.com to run an exchange and provide custody services in August. The crypto business was allegedly valued at $14 billion during a March investment round.