Blockchain.com, a digital asset services solutions provider, has announced that it has been approved to operate in Dubai by the Virtual Assets Regulatory Authority (VARA).
Blockchain.com Signs an MOU with VARA
The virtual asset services provider revealed that it has partnered with Dubai’s regulatory body. A detailed statement from the firm disclosed that both its retail and institutional customers in the Gulf Nations would be able to access its digital financial services.
The Middle East Powerhouse is one of the fastest-growing hubs for cryptocurrency and blockchain technology. Most of the world’s leading crypto exchanges have found a stable environment in Dubai. FTX and Komainu have all received regulatory approval from VARA this year. And so is Binance.
Since the digital asset industry explosion, the United Arab Emirates (UAE) has been aspiring to become the global hub in a virtual economy. Dubai is committed to providing an enabling environment for crypto service providers to operate.
It aims to be the sector’s central point and boost its local economy. Dubai has been a pioneer in technology and blockchain innovations, and its regulatory body has been crucial to its success.
VARA provides practical guidelines for virtual asset services providers and also protects investors, Blockchain.com noted.
The Making of a Digital Economy
Over the past few years, Dubai has been home to several blockchain-based companies. It is envisioned that more firms will join the fray before the end of the year.
Last November, the American crypto exchange Ripple named Dubai its regional head office. Meanwhile, Blockchain.com also revealed that it is in the process of opening its regional office in the Gulf nation.
Crypto adoption has enjoyed a boost in Dubai as most businesses are willing to accept payment in digital tokens.
Moreover, over-the-counter (OTC) crypto services targeted at institutional players have spiked.
Blockchain.com seeks to leverage the massive prospects in the Dubai market to expand and hire capable hands in the region. The securities service provider also noted that it is currently working on landing the local Minimum Viable Product approval. This would pave the way for a full license for the company.
The largest city in the UAE has hosted a slew of crypto and blockchain events over the past few months. Such events attract the top players in the blockchain and crypto industry, where corporations and nations display their innovations to the world.
Furthermore, the Emirates offers several zones where foreign nationals can access visas and trade licenses to set up a base in the country. An example is the Dubai World Trade Center Authority (DWTCA).
The DWTCA is a free trade zone that crypto and blockchain companies can leverage to expand their business.
The country is positioning itself to capitalize on the expanding crypto adoption in the region. Thanks to the authority’s practical regulatory guidelines, the Emirate is poised to lead other countries in the distant future.
Dubai is a country that no serious-minded crypto firm can afford to overlook.