Dubai grants provisional approval to crypto firm Blockchain.com

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The Emirate issued virtual asset licensing to cryptocurrency bigwigs Binance as well as FTX.

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Blockchain.com, a crypto firm based in London Blockchain.com announced that 

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it has received the provisional approval needed to begin operations in Dubai

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it is the latest in a string of digital asset firms expanding into the Gulf as

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 the region aims to become a center in blockchain technologies.

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It provides users a cryptocurrency wallet and also operates a crypto exchange, said it reached the agreement of

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Dubai's cryptocurrency regulation authority Virtual Assets Regulatory Authority (VARA)

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 and was planning to establish a branch in the region, and then begin recruiting.

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The UAE has been pushing for the development of virtual asset regulations

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to lure new business models as competition for business grows in the Gulf region.

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Dubai in March of this year, adopted the first law in the world governing virtual assets.

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It also created VARA as a regulatory body for the industry.

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Since this time, the emirate given virtual asset licences to cryptocurrency bigwigs Binance as well as FTX.

Credit: google.com

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