Blockchain.com secures regulatory approval from VARA

The crypto regulatory body of Dubai green signaled the popular Bitcoin wallet blockchain.com to provide services in Dubai. 

Blockchain.com is a popular crypto wallet, which entered the crypto industry as a bitcoin-only web wallet. At present, Blockchain.com wallet provides Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Stellar lumens (XLM), Stacks (STX), and ERC-20 tokens Wallet. All these mentioned crypto assets can be managed deeply & can be accessed via a private key. This wallet also allows crypto trading & also NFTs trade which is powered by popular NFTs trade marketplace OpenSea. 

On 10 September, Blockchain.com published a new blog post and confirmed that it received provisional regulatory approval from the Dubai Virtual Asset Regulatory Authority (VARA). This regulatory approval will allow Blockchain.com to provide crypto Services for retail & also for Institutional investors.

Post stated:

“retail and institutional clients will be able to access the financial system of the future through Blockchain.com in Dubai.”

The decentralized multi-crypto wallet also confirmed that it signed a Memorandum of Understanding (MOU)  with the regulatory body VARA to bring blockchain-supported innovation in Dubai to make it a hub of digital innovations.

With all these things, Blockchain.com will open an office in Dubai and also will hire local crypto & blockchain talents. To make a better establishment in the Dubai local sector, the company is also seeking to secure a Minimum Viable Product license. 

Earlier this year, Dubai showed strict stances toward the crypto sector and imposed many barriers to qualify to deal with crypto assets for the citizens but in late 2021 Dubai opened its hand to invite the blockchain & crypto dedicated innovation, which attracted many crypto companies.

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