Dubai’s regulator grants provisional approval to Blockchain.com

Blockchain.com, a London-based crypto exchange, has been granted provisional regulatory approval by the Virtual Assets Regulatory Authority (VARA) in Dubai. After granted provisions, institutional and retail clients can use the crypto platform in the UAE.

Blockchain.com, via a blog post, stated that the organization is in the process of setting up a local office in the area. Furthermore, the company has full intentions of hiring for the same. The platform also underlined the importance of the licensing process as critical to its commitment to global compliance and regulation.

Blockchain.com CEO and co-founder Peter Smith appreciated the efforts of the local team via Twitter.

On 2 August, Blockchain.com successfully registered itself in the Cayman Islands to offer a range of crypto services to institutional clients. Soon after, the company secured regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP). 

The company said it is actively pursuing additional licenses in other countries as well. These include Germany, the Netherlands, France, Spain, and Ireland. Blockchain.com also operates several offices in North America, Europe, South America, and Singapore.

Since the prime minister and ruler of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, announced the establishment of the crypto regulator and an accompanying law in March, VARA has granted approval for Crypto.com, OKX, and FTX subsidiaries to offer crypto-related services in the emirate. In July, Al Maktoum also launched a metaverse strategy that aimed to bring more than 40,000 virtual jobs to Dubai by 2030.