Blockchain.com Gets License to Operate in Dubai

Blockchain.com can now operate in Dubai. (photo: @blockchain)

JAKARTA - London-based crypto company, Blockchain.com, has announced that it has obtained provisional approval to operate in Dubai. The license is the latest in a slew of digital asset companies to thrive in the Gulf region as the region grows stronger to become the world's blockchain technology hub.

The company, which offers users crypto wallets as well as crypto exchanges, announced on Friday, September 9 that it has signed an agreement with Dubai's crypto regulator, the Virtual Assets Regulatory Authority (VARA) and will open an office in the region and start recruiting employees.

The United Arab Emirates (UAE) has been pushing for the development of virtual asset regulations to attract new forms of business as economic competition heats up in the Gulf region.

Dubai, one of the UAE's seven emirates and the business hub of the Gulf region, in March adopted its first law regulating virtual assets and established VARA as the regulator for the sector.

Since then, as reported by Reuters, the Emirate has also licensed virtual assets to crypto giants Binance and FTX.

Dubai wants to make their region a haven for blockchain and other digital currency businesses by providing growth opportunities for many crypto companies in the world.