Dubai grants regulatory approval for office: Report

Dubai grants regulatory approval for office: Report

The Virtual Assets Regulatory Authority of Dubai has formerly given acclaim for, OKX and FTX subsidiaries to provide crypto-associated offerings withinside the emirate.

Blockchain pockets and cryptocurrency trade platform has reportedly secured regulatory approval from Dubai’s Virtual Assets Regulatory Authority, or VARA.

According to a Friday report from Reuters, VARA signed an agreement which will allow to open an office in Dubai. The crypto firm currently operates several offices in North America, Europe, South America, and Singapore.

Great work by the team here – Dubai ✅✅

— Peter Smith (@OneMorePeter) September 9, 2022

Since Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum announced the establishment of the crypto regulator and an accompanying law in March, VARA has granted approval for, OKX and FTX subsidiaries to offer crypto-related services in the emirate. In July, Al Maktoum also launched a metaverse strategy that aimed to bring more than 40,000 virtual jobs to Dubai by 2030.

Related: From the valley to oasis: Swiss and Dubai crypto associations team up

One of the oldest Bitcoin () infrastructure firms and headquartered in London, is also aiming toward regulatory approval in Italy, France, Spain, and The Nerlands. In August, the Cayman Islands Monetary Authority officially authorized to operate an exchange and provide custodial services. After a March funding round, the crypto firm was reportedly valued at $14 billion.

Cointelegraph reached out to, but did not receive a response at the time of publication.

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