Blockchain.com, London-based crypto exchange, has been granted a provisional regulatory approval by the Virtual Assets Regulatory Authority (VARA), Dubai. With granted provisions, institutional and retail clients can use the crypt platform in the United Arab Emirates (UAE).

Blockchain.com, via a blogpost, stated that the organization is in the process of setting up a local office in the area. Furthermore, the company has full intentions of hiring for the same. The platform also underlined the importance of the licensing process as critical to its commitment to global compliance and regulation.

Peter Smith, CEO and co-founder, Blockchain.comappreciated the efforts of the local team via Twitter.

It was on 9 March 2022 that HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubaiapproved the crypto assets law. Furthermore, with the establishment of VARA the goal of establishing the UAE’s position as a global player in the virtual assets industry becomes easier.

The country’s crypto assets law necessitates cryptocurrency exchanges and users to register with the regulatory body before engaging in crypto-related activities, such as operating a crypto exchange, transferring crypto assets, and trading tokens or other assets. Since then, a number of cryptocurrency exchanges have been granted regulatory approval in the UAE by VARA.

Furthermore, on 3 June, Crypto.com received provisional approval of its Virtual Asset MVP from VARA. Thus, allowing crypto.com to offer crypto products and services. On 21 June, Hex Trustreceived a provisional approval from VARA.

On 14 July, crypto trading application OKX wasprovided a provisional virtual assets license by VARA. On 29 July, FZE, a division of the