VARA Grants Regulatory License To Blockchain.com

According to reports, Dubai’s Virtual Assets Regulatory Authority, or VARA, has granted regulatory permission to Blockchain.com, a platform for bitcoin exchange and blockchain wallets.

Reuters reported on Friday that VARA had inked a contract allowing Blockchain.com to establish a presence in Dubai. Currently, the cryptocurrency company has offices spread across North America, Europe, South America, and Singapore.

Since Dubai’s ruler and prime minister Sheikh Mohammed bin Rashid Al Maktoum announced the creation of the cryptocurrency regulator and a corresponding law in March, VARA has given the go-ahead 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 the year 2030.

Blockchain.com, one of the first Bitcoin (BTC) infrastructure companies, is striving for regulatory approval in Italy, France, Spain, and The Netherlands. Blockchain.com is based in London.

The Cayman Islands Monetary Authority gave Blockchain.com official permission to run an exchange and offer custodial services in August. The cryptocurrency company was allegedly valued at $14 billion following a fundraising round in March.

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