Blockchain.com has made an official announcement about the latest regulatory approval it has required in Dubai. The concerning regulatory authority in Dubai has granted approval to Blockchain.com to operate in the state.
Blockchain.com Can Operate Legally in Dubai
On Friday, Blockchain.com officials shared their joy of being given the green signal to operate in Dubai. The Virtual Assets Regulatory Authority (VARA) in Dubai is the respective regulator that grants operational approvals to cryptocurrency firms.
VARA Signed the Agreement
On Friday, VARA signed the agreement, granting an operating license to Blockchain.com. This means that Blockchain.com will be able to operate in Dubai as a legal cryptocurrency service provider.
The cryptocurrency exchange is already operating in multiple regions. The regions currently being covered by the exchange include Singapore, South America, Europe, and North America.
The Ruler of Dubai Launched VARA
The current ruler of Dubai recently announced the launch of VARA for the regulation of the crypto sector in the state.
In addition to launching VARA, the ruler also passed a law to streamline the cryptocurrency industry in Dubai.
Like the SEC in the United States, and the FCA in the United Kingdom, a cryptocurrency entity needs to gain approval from VARA to operate in Dubai.
Ever since the foundation, VARA has granted operating approvals to multiple cryptocurrency trading platforms. These firms include subsidiaries of FTX, OKX, and Crypto.com.
Dubai Explores Metaverse
Dubai is aiming to become the hub of crypto-blockchain technology in the Arab region. For this purpose, Dubai has been introducing many developments and introducing multiple laws for the smooth adoption of crypto-blockchain technology.
In recent years, metaverse technology has become one of the most prominent and highly demanded segments within the crypto-verse.
Many corporations and major tech companies from around the world are eager to adopt the metaverse technology. Dubai does not want to be left behind in the competition as well.
This is the reason why Dubai is determined to gain as much knowledge and exposure in the metaverse sector as possible.
Over 40,000 Virtual Jobs for Metaverse in Dubai
Dubai wants to build a strong industry based on the metaverse segment and for this purpose, the emirate has devised a metaverse strategy.
A major part of the plan for Dubai in regards to metaverse adoption is to create at least 40,000 virtual job opportunities in the particular segment. Dubai wants to achieve the target of creating over 40k jobs by the end of 2030.
Acquiring an operating license in Dubai means Blockchain.com will have full access to all the services and facilities that the crypto firms enjoy in the emirate.
The country will be able to bring in mass adoption for the metaverse sector and hike the prices of metaverse tokens in near future.
James Thompson