Blockchain.com, a London-based crypto firm, announced it had been granted provisional approval to operate in Dubai, making it the latest digital asset company to expand in the Gulf, Reuters reported.
According to the company, it has signed an agreement with Dubai’s Virtual Assets Regulatory Authority (VARA) and will soon open an office in the region and hire staff.
As economic competition heats up in the Gulf region, the UAE is developing virtual asset regulation to attract new forms of business.
VARA, the region’s virtual assets regulator, was established in March by Dubai, the region’s business hub.
Since then, the emirate has also granted virtual asset licenses to crypto giants Binance and FTX.