Blockchain wallet and cryptocurrency exchange Blockchain.com are said to have received regulatory approval from the Dubai Virtual Asset Regulatory Authority, or VARA.
According to a report by Reuters on Friday, VARA has signed an agreement that will allow Blockchain.com to open an office in Dubai. The cryptocurrency company currently operates several offices in North America, Europe, South America, and Singapore.
Since Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced the creation of the cryptocurrency regulator and accompanying law in March, the Dubai Virtual Asset Regulatory Authority has given approval for Crypto.com, OKEx and FTX to provide crypto-related services in the emirate.
Last July, Al Maktoum also launched the metaverse strategy that aims to create more than 40,000 virtual jobs in Dubai by 2030.
Blockchain.com, one of the oldest Bitcoin (BTC) infrastructure companies headquartered in London, is also aiming for regulatory approval in Italy, France, Spain and the Netherlands.
In August, the Cayman Islands Monetary Authority officially authorized Blockchain.com to operate the exchange and provide custody services. After a funding round in March, the cryptocurrency firm was reportedly valued at $14 billion.
