Blockchain.com, a London-based cryptocurrency company, announced that it has received a provisional license to operate in Dubai. This makes it the latest in a line of digital asset companies to expand in the Gulf as the area strives to become a center for blockchain technology. The business, which also operates a cryptocurrency exchange, announced on Friday that it has reached a deal with Dubai’s Virtual Assets Regulatory Authority (VARA), which will allow it to establish a presence there and start employing.
The United Arab Emirates (UAE) has been pushing to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.
Dubai, one of the UAE’s seven emirates and the region’s business hub, in March adopted its first law governing virtual assets and established VARA as a regulator for the sector. Since then, the emirate has also granted virtual asset licenses to crypto giants Binance and FTX.
About Author
