Blockchain.com Gets Approval from Dubai’s Virtual Assets Regulatory Authority
- Dubai has turned its attention to Web3, artificial intelligence, and education as the next pillars of its economic growth.
- Top crypto platforms are moving to Dubai to leverage its crypto-friendly policies.
According to reports, Dubai’s Virtual Assets Regulatory Authority, or VARA, has granted regulatory permission to Blockchain.com, a platform for cryptocurrency exchange and blockchain wallet. Reuters recently reported that VARA had struck a contract allowing Blockchain.com to establish a presence in Dubai. The cryptocurrency company currently has offices across Europe, North America, Singapore, and South America.
Crypt activities have soared in Dubai since its ruler and prime minister, Sheikh Mohammed bin Rashid Al Maktoum, announced the creation of friendly policies for the crypto sector. Blockchain projects are now flocking to the tourist company.
VARA has given approval for the subsidiaries of Crypto.com, OKX, and FTX to provide services relating to cryptocurrencies in the emirate. Al Maktoum also unveiled a metaverse strategy in July with the goal of creating more than 40,000 virtual jobs in Dubai by 2030.
While other nations are setting up strict policies to regulate the crypto space, Dubai has flung its gates open and seeks to be a crypto hub in the coming years. Dubai’s approach to cryptocurrency regulation seems to focus more on monitoring than limiting it. The regulation of crypto assets surely plays a role in Dubai’s growing reputation as a financial innovation leader with a diversified business climate.
Singapore was the most likely to become a crypto hub shortly after China tightened regulations on digital assets in 2021. However, the country was slow in its approval of cryptocurrency licenses, paving the way for the Dubai market. Since establishing its licensing program, Dubai has already attracted a number of major players in the sector.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum recently pointed out that Dubai would focus on artificial intelligence and web3. The Middle East region also plans to make significant investments in cutting-edge technology. Furthermore, a huge part of the Emirate’s strategy on Web3 is to attract foreign companies, which would further solidify Dubai’s economic strength.
Speaking of his plans for Dubai as a crypto hub, Sheikh Mohammed Bin Rashid, the ruler of Dubai, said,
Dubai will provide the most advanced virtual asset ecosystem in terms of organization, governance, and security.
Locals in the UAE have already begun accepting cryptocurrency as a part of their lives. Several firms are beginning to accept cryptocurrency as payment. According to reports, crypto users in Dubai have a positive outlook on digital assets, unlike in some parts of the world.