Blockchain.com gets permission to open office in Dubai

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As Dubai is emerging as the fastest-growing crypto market in the world, digital asset services provider, Blockchain.com recently announced that the company has signed a Memorandum of Understanding (MoU) with the Virtual Assets Regulatory Authority (VARA) in Dubai. According to the details shared by Blockchain.com, retail and institutional clients in Dubai will soon be able to access technology-driven financial services.

According to media reports, Dubai is one of the fastest-growing crypto markets. The region is home to some of the world’s leading crypto firms. Earlier this year, Komainu received provisional regulatory approval from Dubai’s VARA. In July 2022, FTX Exchange FZE, a subsidiary of FTX Europe, announced that the company has received approval from the Virtual Assets Regulatory Authority.

“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 with 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 the growth of the virtual assets sector,” Blockchain.com noted in its recent post.

In March 2022, Binance strengthened its presence in the Middle East through a license in Dubai.

In the last few years, several blockchain firms have opened their offices in Dubai. In November 2020, Ripple announced the selection of Dubai for its regional headquarters. Blockchain.com highlighted that the company is also in process of opening a local office in Dubai.

“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 our local commitment, Blockchain.com is in the process of opening a local office and intends to hire in the region. We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available,” the company noted.

Meanwhile, Crypto Valley Association, the Switzerland-based association of blockchain corporates and crypto professionals, has partnered with Crypto Oasis, Dubai to connect the growing blockchain communities in both Switzerland and the Middle East. Sharing several of the same goals for the growth of a thriving global blockchain ecosystem, Crypto Valley Association joins forces with Crypto Oasis to boost the development and adoption of blockchain technology.

Ralf Glabischnig, founder of the Crypto Oasis is fully focusing on connecting the Crypto Valley to the Crypto Oasis and growing the wider Inacta Group with Venture Capital and Venture Building structures in the UAE. The goal is to replicate the unique ecosystem growth strategy from the Crypto Valley into the Crypto Oasis. Inacta is also one of the founding members of the Crypto Valley Association and believes the time is ripe for this collaboration to bring the two regions closer together and bridge the geographic distance.

The Crypto Valley Association is based out of Zug, which is Europe’s crypto capital. The Association was founded to benefit from Switzerland’s strengths to connect startups and established enterprises and foster blockchain – & cryptographic tech innovation and adoption. The alliance with Crypto Oasis will help build bridges, share knowledge and enable an exchange between crypto-passionates in Switzerland and in the Middle East.

Emi Lorincz, President of the Crypto Valley Association said: “I am thrilled to help accelerate the global growth of the Crypto Valley Association. After opening our CVA Latin America Chapter, the Middle East, as a hub – with already 1000+ organizations – is the fitting next step for our expansion. We are delighted to partner with the digital economy in the Middle East with our focus on blockchain technology and we’re excited about this flourishing partnership with Crypto Oasis that will help us foster blockchain adoption at a global scale”.

Faisal Zaidi, co-founder of Crypto Oasis will lead the Crypto Valley Association chapter for the Middle East.

“We are excited to announce our new alliance with the Crypto Valley Association. The two entities will play complementary roles and expedite our mutual aim to establish a leading global blockchain ecosystem. This alliance will connect a fragmented blockchain world by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East which is all set to become the new hub for crypto and blockchain”, said Zaidi.

To initiate building the bridge between Dubai and Switzerland, the Crypto Oasis is inviting the Dubai International Financial Centre (DIFC) to visit Crypto Valley in Zug, Switzerland. During their visit, they will identify blockchain organizations in Crypto Valley that have the potential to migrate to Dubai to further enhance the Crypto Oasis ecosystem. These crypto companies will get a chance to explore the plethora of opportunities in this region and witness a friendly jurisdiction that welcomes disruption in the digital space. Further of these visits with other major organizations like DMCC, DWTC and ADGM are planned for the future.

The heart of the fastest-growing blockchain ecosystem in the world is Dubai, which is emerging as a citadel of blockchain innovation and has the potential to back great blockchain enterprises. Crypto Oasis catalyzes the growth of organizations in the crypto space and like the Crypto Valley Association, it brings together investors, start-ups, corporates, researchers and government entities. The cooperation and collaboration between both will aim to advance the digital economy in the Middle East and bring distributed ledger technologies to the mainstream.

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