Blockchain.com is a crypto firm based in London announced Friday: It received regulatory approval for its operation Exchange Dubai is a city located in the United Arab Emirates (UAE).
After the approval, the U.K.-based business said it had signed an arrangement with VARA to allow Blockchain.com Dubai to open an office. The company believes that it will soon offer regulated cryptocurrency derivatives products to institutional Dubai investors. It plans to offer custodial and transaction services to UAE retail customers.
Blockchain.com announces this development at a moment when more crypto companies, such as Binance, FTX, and others, are expanding their presence in Dubai.
Dubai launched Virtual Asset Licensing on March 11 for crypto businesses. The VAL Act was followed by the creation of the Dubai Virtual Assets Regulatory Authority, (VARA).
Dubai became the first country to offer virtual asset licenses. Many crypto companies established shops in Dubai.
Blockchain.com announced, in August, that it has received complete regulatory approval by the Cayman Islands Monetary Authority. (CIMA) It will operate its exchange and clearinghouse in the Cayman Islands.
Blockchain.com announced last month that it had registered the domain to fulfill its global plans for providing services in Europe, the Middle East, and the rest of the world. It just received approval from the Italian regulator.
According to the exchange, compliance and regulatory approvals will be sought in every country in the region. The company also stated that it is committed to developing in countries like France, Spain, the Netherlands.
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