According to reports, Dubai’s Virtual Assets Regulatory Authority, or VARA, has granted provisional regulatory approval to Blockchain.com to operate in the region. The London-based cryptocurrency company, which serves as both a Blockchain wallet and a cryptocurrency exchange for users, is now the most recent in a line of digital asset companies expanding in the Gulf as the area strives to become a center for blockchain technology.
As economic rivalry in the Gulf area escalates, the United Arab Emirates (UAE) has been pushing for the creation of virtual asset regulations to draw in new business models.
Since the inception of a cryptocurrency regulator and corresponding legislation by Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum in March, VARA has given the clearance for companies including Crypto.com, OKX, and FTX subsidiaries to offer cryptocurrency-focused services in the nation. The creation of a new license program and rules for platforms that provide marketing and advertising services linked to cryptocurrencies were also announced by VARA. All virtual asset service providers must now adhere to the new regulations and disclose any advertising intentions behind their offerings in order for security precautions to safeguard customers.
In Singapore, North America, Europe, and South America, Blockchain.com already operates its subsidiaries.