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Cryptocurrency exchange platform and crypto wallet, Blockchain.com, has reportedly received regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
According to a Reuters report on Friday, the London-based exchange has penned a deal with Dubai’s VARA to set up an office in the emirate.
Blockchain.com currently operates offices in North America, Europe, South America, and Singapore. When hiring for its new Dubai office will commence is not yet revealed.
Since Dubai’s new digital assets regulations agency was established this year, it has already granted approval for Crypto.com, OKX and FTX subsidiaries to offer crypto-related services.
In July, Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum launched its Metaverse Strategy, underscoring its commitment of becoming a premier crypto hub in the region. Dubai plans to bring in over 1,000 blockchain and metaverse companies and support more than 40,000 virtual jobs by 2030.
Today, virtual reality (VR) and augmented reality (AR), both essential technologies in the metaverse, provide a staggering 6,700 jobs in the UAE, adding around $500 million to the country’s economy annually.