According to reports, Dubai's Virtual Assets Regulatory Authority (VARA) (1) has granted regulatory authority to Blockchain.com (2), a blockchain wallet and cryptocurrency exchange platform, allowing it to open an office there.
According to a Friday report from Reuters, VARA inked an agreement that permits blockchain.com to create an office in Dubai. VARA of Dubai has already approved Crypto.com, OKX, and FTX (3) subsidiaries to offer cryptocurrency-related services in the Emirates. Currently, the cryptocurrency company has offices spread around North America, South America, Europe, and Singapore.
Great work by the team here - Dubai ✅✅🚀🚀https://t.co/8nQm8w8y3g
— Peter Smith (@OneMorePeter) September 9, 2022
In March, Sheikh Mohammed bin Rashid Al Maktoum, the prime minister and ruler of Dubai, announced the creation of a cryptocurrency regulator and an associated law. Since then, VARA has approved the development of services by Crypto.com, OKX and FTX subsidiaries in the Emirates. Additionally, Al Maktoum unveiled a metaverse strategy plan to deliver more than 40,000 virtual jobs to Dubai by 2030.
One of the more established Bitcoin infrastructure companies, Blockchain.com, has its headquarters in London. It is currently pursuing regulatory approval in Italy, France, Spain, and the Netherlands. At the same time, the Cayman Islands Monetary Authority (4) officially approved Blockchain.com to run its exchange and offer custodial services in August.
After the March investment round, this cryptocurrency company's declared worth was $14 billion. Since the announcement, Dubai has emerged as one of the top contenders for computing in the digital age and is seeking ways to develop a pure life. A recent agreement between two cities' blockchain associations is intended to connect businesses and promote the industry's growth.
To collaborate on the continuous growth of the blockchain business in both countries, the Swiss-based Crypto Valley Association and Dubai's Crypto Oasis will be joined (5). The Crypto Valley Association (CVA) is preparing to lead a relationship with its equivalent in Dubai to link a rising number of blockchain communities in Switzerland and the Middle East.
With the help of this new alliance, firms from both nations will be able to communicate and exchange information. Crypto Oasis co-founder Faisal Zaidi will lead the initiative in Dubai, where its expanding ecosystem now includes more than 1,100 UAE-based companies.
By linking the Middle East, which is about to emerge as a new hub for cryptocurrency and blockchain, with Switzerland, which is at the forefront of disruptive technology, this alliance will connect the fragmented blockchain world. A Latin American chapter of CVA (6) was established in July 2022 to capitalize on the region's developing blockchain and cryptocurrency industries.
CVA has extended its invitation to the Dubai International Finance Centre to visit Zug to find blockchain organizations that might move to the UAE to support the ecosystem's expansion. By the end of 2022, the Dubai Crypto Oasis wants 1,500 blockchain cryptocurrency businesses operating within its ecosystem. In contrast, reaching that milestone took the CVA ecosystem almost six years.
Dubai also introduced new legislation in March 2022 to strengthen investor protection and establish governance guidelines for companies engaged in cryptocurrency-related activities operating within its jurisdiction. Blockchain.com is still developing, while major bitcoin exchange companies have received licenses to operate and build headquarters in Dubai.
