Blockchain.com wins approval from Dubai Regulatory Authority VARA
In particular, the Gulf countries have joined the list of crypto-favored regimes. And Dubai emerged as a leading crypto hub currently working on several projects to support the blockchain infrastructure and web 3 technology. As a result, it attracted many crypto companies worldwide to join the emerging market.
Similarly, blockchain.com, a provider of cryptocurrency exchanges and financial services for retail and institutional businesses, won a preliminary regulatory license from Dubai’s Virtual Asset Regulatory Authority (VARA) on Friday to set up an office in the Gulf’s crypto hub.
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Speaking of the granting of regulatory approval, blockchain.com noted in an official blog post;
Known for cutting-edge innovation in architecture, finance and travel, the UAE hopes to become a hub for global assets and blockchain technology. Dubai is committed to giving the crypto industry a meaningful center of gravity that also boosts the local economy. The regulator’s strategy is to provide meaningful guidance and regulatory predictability to virtual asset service providers, while protecting investors and enabling the growth of the virtual asset sector.
Blockchain.com is not the first company to receive approval from VARA, the world’s first regulatory body designed to regulate blockchain and metaverse businesses specifically. Other crypto companies that received licenses before blockchain.com include OKX and FTX. The London-based blockchain company blockchain.com already operates its subsidiaries in Singapore, North America, Europe and South America.
The development and legislation came after the city’s current ruler, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, revealed his intentions to transform the emirate into a global technology hub.
Dubai Ruler introduced Dubai Metaverse strategy
In July, the Vice President and Minister of Defense of the UAE, Sheikh Hamdan, launched the Dubai Metaverse Strategy. It aims to make the emirate the world’s top ten metaverse economies and plans to create more than 40,000 job opportunities in virtual finance by 2030.
In addition, the strategy plans to carry out research and development (R&D) cooperation, attract global companies, expand the scope of new content creators and developers, and much more. All new construction of public buildings will also be able to build support pillars for metaverse technology.
In addition, VARA announced the launch of a new licensing program and guidelines for crypto-related marketing and advertising services. The new rules cover all types of Virtual Asset Services providers who must meet regulatory guidelines, as well as disclose any promotional intent with a product so that security measures can ensure users’ protection.
Related reading: Dubai Pushes Crypto Marketing Rules to Further Protect Investors
Vara added in a statement;
The principles are complemented by rigid enforcement standards and penalties for non-compliance that collectively provide market confidence ahead of MVP operations, as it reinforces marketing, data protection and consumer protection laws that are well embedded in the UAE.
Featured image from Pixabay, chart from TradingView.com
