London-based cryptocurrency firm Blockchain.com today announced that it had secured provisional approval to operate in Dubai.
According to a report by Reuters, Blockchain.com was granted provisional approval to operate in Dubai, becoming the latest in a string of virtual assets companies expanding into the Gulf as the region becomes a hub for blockchain technologies. Blockchain.com operates as a cryptocurrency exchange and offers its users a crypto wallet. The company announced on Friday that it signed an agreement with the country’s crypto regulator, the Virtual Assets Regulator Authority (VARA), and will soon open an office in the country and begin hiring staff.
Blockchain.com also announced that it successfully registered as a virtual asset provider in Italy.
Virtual Asset Regulation in Dubai
The United Arab Emirates has been encouraging the development of virtual asset regulation to attract new forms of business to the region as economic competition heats up. In late August, Dubai released a set of crypto marketing rules to better protect investors. Dubai’s VARA issues regulatory guidelines to include marketing, advertising, and promotions of digital assets. Guidelines require all local virtual asset providers, including advertising platforms, to ensure that they maintain factual accuracy and disclose any promotional intent in an effort to avoid misleading potential customers. Rules cover all virtual-asset-related communication and entities publishing information in Dubai-based media search platforms, media websites as well as online and offline publishing channels that target the Dubai market.
Dubai is the UAE’s business hub and in March adopted its first law governing digital assets and established VARA as the regulator for the sector. The emirate has also granted virtual asset licenses to crypto firms including Binance and FTX.
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