- The country’s Virtual Assets Regulatory Authority (VARA), was founded in March.
- Many other crypto exchanges have relocated their headquarters to Dubai.
The authorities in Dubai have granted provisional approval for the operation of Crypto.com, one of the fastest-growing exchange platforms in the crypto business. The country’s Virtual Assets Regulatory Authority (VARA), founded in March to regulate Dubai’s virtual asset legislation, gave the crypto exchange a Virtual Asset MVP License.
Foreign Trade Minister Dr. Thani Al Zeyoudi responded to the development by saying that Dubai is dedicated to its idea that cryptocurrency would be essential to a financial sector transformation.
The minister stated:
“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets, and blockchain will revolutionize the financial services sector.”
Safe Haven For Crypto Enterprises
Its Virtual Asset Regulatory Authority is helping the nation recruit top crypto businesses that share its vision and can help it reach its objective of becoming a crypto center, the minister went further and explained.
One of the world’s most pro-crypto areas has awarded Crypto.com the license to operate, and the exchange’s co-founder and CEO, Kris Marszalek, expressed his delight. Crypto.com said last month that it was considering setting up a regional hub office in the United Arab Emirates.
Many other crypto exchanges have either relocated their headquarters to Dubai or been given an operating license by the government. This includes WazirX, Binance, ByBit and a host of others. The avalanche of new laws implemented by the area to entice the finest in the business to settle in Dubai has something to do with the city’s rising popularity as a haven for crypto enterprises.
