The Dubai Virtual Assets Regulatory Authority (VARA) has signed a Memorandum of Understanding (MoU) with Blockchain.com, a UK-based cryptocurrency financial services company, in a move to foster crypto innovation in Dubai.
Under the agreement, both retail and institutional clients will be able to access the financial system of the future through Blockchain.com in Dubai.
UAE, which is recognized for leading the way in architectural, financial, and travel innovation, aims to be a hub for blockchain technology and global assets. Dubai is committed to providing the crypto industry with a meaningful center of gravity that also boosts the local economy.
The regulatory body’s strategy is to provide meaningful guidelines and regulatory predictability to virtual asset service providers while protecting investors and enabling the growth of the virtual assets sector.
Crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and Over-The-Counter (OTC) crypto brokerage services for institutional clients.
As part of our local commitment, Blockchain.com is in the process of opening a local office and intends to hire in the region. It is also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.
This provisional approval is part of Blockchain.com’s broader commitment to global compliance and regulation in every jurisdiction. In addition to its existing arsenal of regulatory licenses across U.S. states and several European jurisdictions, it is actively pursuing additional licenses in Germany, the Netherlands, France, Spain and Ireland, providing an ever-expanding range of options for its retail and institutional clients.