BlockchainCryptocurrency RegulationsMetaverse

Another Top Crypto Exchange Given Permission To Operate In UAE

In their quest to actualize their dream of becoming one of the global economies that supports the growth of blockchain and metaverse, the United Arab Emirates announced in July their plans to attract virtual assets’ trading platforms and traders to Dubai. They have authorized many exchanges to operate, and Blockchain.com is the latest.

Provisional Permission Granted

The famous digital platform in London, Blockchain.com, has joined the list of digital trading platforms with licenses to operate in the crypto market of the United Arab Emirates. The exchange disclosed this in its official statement on the 9th of September.

Although full permission is yet to be granted, the UAE’s regulatory body for cryptocurrencies, Virtual Assets Regulatory Authority (VARA), gave them a Memorandum of Understanding (MoU) to operate in the region. The digital platform added that its operation would soon be available for Dubai traders.

The digital trading platform also disclosed its intention to employ UAE citizens. They will actualize this once the authority grants them a permanent operating license. They added that they’re ready to comply with all the rules and regulations that have been put in place to govern crypto and blockchain technology.

Metaverse And Blockchain Development In UAE

The UAE announced in July its intention to be one of the top markets for digital assets and metaverse. They disclosed this plan when they launched their Dubai Metaverse Strategy, as reported by their authorized news outlet. 

The UAE leaders believe this scheme will help in job creation. They added that around 40,000 crypto-related employment will be available before 2030, as the program will bring numerous metaverse and blockchain-related firms to the region.

Additionally, this program is expected to push their economy to the top 10 range of the global metaverse-driven economies. This program will also positively modify Dubai and its citizens’ lives by creating digital-related solutions and innovations, improving their overall economic performance.

Currently, there is over 6000 metaverse-related employment in the United Arab Emirates. This has immensely added about half a Billion Dollars to their economy.

The region has also attracted many crypto trading platforms as the regulations set by the regulatory body are reasonable and favorable for the growth of blockchain-related firms. The environment is also welcoming. 

Their digital currency market is growing at an incredible pace. In March, Binance got licensed in the region. FTX office in the UAE also got licensed to operate in July. Similarly, Ripples declared it would open a headquarters in Dubai in 2020.

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