As Dubai seeks to support crypto and blockchain innovation, Blockchain.com has signed a Memorandum of Understanding (MOU) with the Dubai Virtual Assets Regulatory Authority (VARA).
That means that soon both retail and institutional clients will be able “to access the financial system of the future through Blockchain.com in Dubai.”
Known for “pioneering” innovation in architecture, finance, and travel, the United Arab Emirates aspires to become “a hub of global assets and blockchain technology.” Dubai is committed to “providing the crypto industry a meaningful center of gravity that also boosts the local economy.”
The regulatory body’s strategy is “to provide meaningful guidelines and regulatory predictability to virtual asset service providers while protecting investors and enabling growth of the virtual assets sector.”
Crypto investors in Dubai and its surrounding regions will soon be able “to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients.”
As part of their local commitment, Blockchain.com is in the process of “opening a local office and intends to hire in the region.” They are also actively “pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.”
This licensing process is part of their broader commitment “to global compliance and regulation in every jurisdiction where we do business.” In addition to their existing arsenal of regulatory licenses across U.S. states and several European jurisdictions, they are actively “pursuing additional licenses in Germany, the Netherlands, France, Spain and Ireland, providing an ever-expanding range of options for our retail and institutional clients.”
As covered in July 2022, Blockchain.com joined a handful of other crypto firms that have cut jobs while slowing its expansion.
As had been widely reported, Blockchain.com was letting go approximately 150 employees or about 25% of its staff while shuttering an office in Argentina and slowing growth of employees in several countries including the UK and the US.
Blockchain.com is digital asset exchange that claims to service over 80 million individuals (37 million verified users) in 200 countries. Blockchain.com reports over $1 trillion in transactions since its founding in 2011. Coinmarketcap claimed (as reported in July 2022) that Blockchain.com is 51st in its ranking of crypto exchanges.