Blockchain.com secures regulatory approval in Dubai

Popular crypto exchange, Blockchain.com, has obtained a preliminary regulatory license from Dubai’s Virtual Assets Regulatory Authority. Blockchain.com can now render crypto services to customers in Dubai.

The exchange has extended to Europe, North America, Singapore, and South America. However, with its latest regulatory approval, it will now avail crypto trading offerings to its users in Dubai. 

Crypto activities now thriving in Dubai

Meanwhile, crypto activities have continued to thrive in Dubai since its ruler and prime minister, Sheikh Mohammed bin Rashid Al Maktoum introduced friendly crypto policies. In February, the Dubai security and commodities authorities began to allow digital assets service providers to establish their hubs in the country. Shortly after, the Dubai authorities established VARA to regulate the virtual space.

Since its establishment, VARA has issued regulatory approval to numerous crypto firms, including Crypto.com, OKX, and FTX, to render crypto services in the country. Beyond cryptos, the region is also investing in the metaverse space. Recently, Al Maktoum launched a metaverse strategy. According to him, the goal of the metaverse is to provide over 40,000 virtual jobs in Dubai by 2030.

The Dubai authorities also inaugurated a powerful task force to evaluate the trends in the growing virtual economy. The task force commenced its operation following the Dubai Metaverse Strategy objective. The task force was inaugurated by Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.

Unlike other countries setting up strict crypto policies, Dubai has created an avenue for itself to become a crypto hub in the future. The emirate is focused on monitoring crypto activities rather than restricting them. The regulation of crypto assets is essential to the emirate’s growing reputation as a financial innovation leader with a diversified business climate.

Furthermore, Al Maktoum revealed that Dubai would focus more on artificial intelligence and Web3. Also, the emirate plans to invest in cutting-edge technology.

Dubai plans to attract foreign companies to its Web3 development. According to the emirate, this will further solidify Dubai’s economic strength.

Ruler of Dubai, Sheikh Mohammed Bin Rashid, also disclosed his plans to make Dubai a crypto hub. He said, ” Dubai will provide the most advanced virtual asset ecosystem regarding organizations, governance, and security.”

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