London-based crypto firm Blockchain.com said it has received provisional approval to operate in Dubai, becoming the latest in a string of digital asset companies to expand in the Gulf as the region seeks to become a hub for blockchain technology.
The company, which offers users a cryptocurrency wallet and is also a crypto exchange, said on Friday that it has signed an agreement with Dubai’s crypto regulator Virtual Assets Regulatory Authority (VARA) and will open a branch in the region and start hiring. The United Arab Emirates (UAE) is pushing to develop the regulation of virtual assets to attract new forms of business as economic competition in the Gulf region increases.
Dubai, one of the seven emirates of the United Arab Emirates and the commercial hub of the region, passed its first virtual assets law in March, establishing VARA as the regulator for the sector. Since then, the emirate has also granted virtual asset licenses to crypto giants Binance and FTX.
