Blockchain.com Secures Regulatory Approval in Dubai

Blockchain.com, a popular cryptocurrency exchange, has received a preliminary regulatory license from Dubai’s virtual asset regulator. Blockchain.com is now able to offer crypto services to customers in Dubai.

Exchanges are spread across Europe, North America, Singapore and South America. However, the latest regulatory approvals will make crypto trading offerings available to users in Dubai.

Cryptocurrency activity booming in Dubai

Meanwhile, crypto activity continues to thrive in Dubai since Dubai’s ruler and prime minister, Sheikh Mohammed bin Rashid Al Maktoum, introduced a friendly crypto policy. In February, Dubai’s Security and Commodities Authority began allowing digital asset service providers to set up hubs in the country, shortly after Dubai authorities set up VARA to regulate the virtual space. .

Since its inception, VARA has issued regulatory approvals to numerous cryptocurrency companies such as Crypto.com, OKX and FTX to provide cryptocurrency services in the country. Besides cryptocurrencies, the region is also investing in the metaverse space. Al Maktoum recently launched a metaverse strategy. According to him, the Metaverse’s goal is for him to offer over 40,000 virtual jobs in Dubai by 2030.

Dubai authorities have also launched a strong task force to assess trends in the growing virtual economy. The Task Force has launched its activities in line with the objectives of the Dubai Metaverse Strategy. The task force was launched by Sheikh Hamdan and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Sheikh of Dubai, Deputy Prime Minister and Minister of Finance.

Unlike other countries that have strict crypto policies in place, Dubai has paved the way for becoming a crypto hub in the future. The emirate is focused on monitoring rather than restricting cryptocurrency activity. Crypto-asset regulation is essential for the emirate’s reputation as a leader in financial innovation with a diverse business environment.

Additionally, Al Maktoum revealed that Dubai will focus more on artificial intelligence and Web3. The emirate also plans to invest in cutting-edge technology.

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

The ruler of Dubai, Sheikh Mohammed bin Rashid, also revealed plans to turn Dubai into a cryptocurrency hub. “Dubai offers the most advanced crypto asset ecosystem in terms of organization, governance and security,” he said.

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