Blockchain.com, a cryptocurrency company based in London, recently announced that it had been granted a provisional license to conduct business in Dubai. The company is the most recent in a string of digital asset companies that have expanded their operations in the Gulf region as the area strives to become a hub for blockchain technology.
According to a recent report by Reuters, Blockchain.com, which provides users with a cryptocurrency wallet in addition to operating as a cryptocurrency exchange, announced on Friday that it had signed an agreement with Dubai’s cryptocurrency regulator, the Virtual Assets Regulatory Authority (VARA) to open an office in the region and begin hiring employees.
As a result of the increased level of economic competitiveness in the Gulf region, the United Arab Emirates (UAE) has been making efforts to establish virtual asset regulation in order to attract new types of companies.
In March, Dubai, one of the seven emirates that make up the United Arab Emirates and the economic center of the region, passed the country’s first law governing virtual assets and established VARA as a regulator for the industry.
Since then, the emirate has also provided cryptocurrency heavyweights Binance and FTX with licenses to trade virtual assets. In July, as TheCoinRise reported, exchange platform OKX won a license to operate in the region.
Last month, Dubai introduced new crypto marketing regulations to safeguard investors, in its efforts to bring a clear set of regulations for every aspect of the crypto industry, including trading, taxation, marketing, etc.
Dubai, which is the most populous city in the United Arab Emirates, has shown a massive interest in the metaverse sector, as it believes that the sector can potentially boost the digital economy. Under this, VARA purchased land in The Sandbox in May this year, as TheCoinRise reported.
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