receives approval for opening Dubai-based office: Report

Blockchain wallet and exchange platform has reportedly received regulatory approval from the entity Dubai’s Virtual Assets Regulatory Authority (VARA), as reported by Cointelegraph.

According to Cointelegraph, going by a recent report from Reuters, VARA has signed an agreement to permit’s office opening in Dubai. The cryptocurrency firm currently is functional in North America, Europe, South America, and Singapore, with offices at all the locations.

On the basis of information by Cointelegraph, since Dubai’s prime minister and ruler Sheikh Mohammed bin Rashid Al Maktoum made the announcement of a cryptocurrency regulator and along with it a law in March, VARA has provided approval for companies such as, OKX and FTX subsidiaries to give cryptocurrency-oriented services in the country. In July, Al Maktoum unveiled a metaverse technique for creation of more than 40,000 virtual jobs in Dubai by the year 2030.

Moreover, Cointelegraph noted that one of the oldest Bitcoin (BTC) infrastructure firms and headquartered in London, anticipates of having regulatory approval in countries such as Italy, France, Spain, Netherlands, among others. In August, Cayman Islands Monetary Authority officially announced the authorisation to operate an exchange and provide custodial services. After a funding round conducted in March, the cryptocurrency firm had a reported valuation at $14 billion.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering a range of news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends, as they aim to deliver news from both the decentralised and centralised worlds. Their editorial content is based on delivering news, analytics, cryptocurrency price charts, opinion pieces, as well as reports on the transformation that digital currencies bring. The publication believes that the decentralised world will grow, becoming a part of our lives, as they intend to help educate readers and raise awareness of the intricacies and advantages offered in today’s digital revolution.

(With insights from Cointelegraph)

Also Read: DBS Partners with The Sandbox to launch DBS BetterWorld, to demonstrate metaverse’s utility

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