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Popular crypto exchange Blockchain.com has received preliminary regulatory approval from the Dubai Virtual Assets Regulatory Authority. Blockchain.com can now offer crypto services to customers in Dubai.
The exchange has expanded to Europe, North America, Singapore and South America. However, with recent regulatory approval, it now uses crypto trading services for its users in Dubai.
Crypto activities are now booming in Dubai.
Meanwhile, crypto activities continue to expand in Dubai after Ruler and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum introduced crypto-friendly policies. In February, Dubai’s security and commodity authorities began allowing digital asset service providers to set up hubs in the country. Soon after, Dubai authorities established VARA to regulate the virtual space.
Since its inception, VARA has granted regulatory licenses to several crypto companies, including Crypto.com, OKX and FTX, to provide crypto services in the country. Beyond cryptos, the region is also investing in the metaverse space. Recently, Al Maktoum launched the Metaverse strategy. According to him, Metavarus’ goal is to provide more than 40,000 virtual jobs in Dubai by 2030.
Dubai authorities have launched a powerful task force to assess the growing virtual economy. The task force began its work following the objectives of the Dubai Metaverse Strategy. 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 that have adopted strict crypto policies, Dubai has paved the way for itself to become a future crypto hub. Emirates is focused on monitoring rather than restricting crypto activities. The regulation of crypto assets is important for the emirate’s growing reputation as a leader in financial innovation with a diverse business climate.
In addition, Al Maktoum revealed that Dubai will focus more on artificial intelligence and Web3. Emirates also plans to invest in state-of-the-art technology.
Dubai plans to attract foreign companies to its Web3 development. This will further strengthen the strength of Dubai’s economy, Emirates said.
The ruler of Dubai, Sheikh Mohammed bin Rashid, has also announced plans to make Dubai a crypto hub. “Dubai offers the most advanced virtual property ecosystem in terms of organizations, governance and security,” he said.
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