Digital asset services provider, Blockchain.com recently announced that the company has signed a Memorandum of Understanding (MoU) with the Virtual Assets Regulatory Authority (VARA) in Dubai. According to the details shared by Blockchain.com, retail and institutional clients in Dubai will soon be able to access technology-driven financial services.
Dubai is one of the fastest-growing crypto markets. The region is home to some of the world’s leading crypto firms. Earlier this year, Komainu received provisional regulatory approval from Dubai’s VARA. In July 2022, FTX Exchange FZE, a subsidiary of FTX Europe, announced that the company has received approval from the Virtual Assets Regulatory Authority.
“Known for pioneering innovation in architecture, finance and travel, the United Arab Emirates aspires to become a hub of global assets and blockchain technology. Dubai is committed to providing the crypto industry with a meaningful center of gravity that also boosts the local economy. The regulatory body’s strategy is to provide meaningful guidelines and regulatory predictability to virtual asset service providers while protecting investors and enabling the growth of the virtual assets sector,” Blockchain.com noted in its recent post.
In March 2022, Binance strengthened its presence in the Middle East through a license in Dubai.
In the last few years, several blockchain firms have opened their offices in Dubai. In November 2020, Ripple announced the selection of Dubai for its regional headquarters. Moreover, Blockchain.com highlighted that the company is in process of opening a local office in Dubai.
“Crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients. As part of our local commitment, Blockchain.com is in the process of opening a local office and intends to hire in the region. We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available,” the company noted.