Dubai grants provisional approval to crypto firm

The Gulf region could become a hub for blockchain technology after a London-based crypto firm has reportedly been awarded provisional approval to operate in Dubai.

The company, which offers users a crypto wallet and is also a crypto exchange, said on Friday it had signed an agreement with Dubai’s crypto regulator Virtual Assets Regulatory Authority (VARA) and would open an office in the region and begin hiring.

This comes as the United Arab Emirates (UAE) pushes to develop virtual asset regulation intended to attract new forms of business after Dubai adopted its first law governing virtual assets and establishing VARA as a regulator for the sector in March. Since then, crypto giants Binance and FTX have also been granted virtual asset licenses.

Image Credit: Choong Deng Xiang on Unsplash