Dubai’s pursuit to be tagged as Crypto Capital of the world.
Cryptocurrencies have attracted a lot of countries, to invest in the technology to capture the market in the ever-growing scenario of the market. US, UK, Canada, are some of the countries which have already established their foothold in the cryptocurrency market. Dubai is next in the list, which envisages to become the “Crypto Capital” of the world.
Dubai’s ruler, Sheikh Mohammed Bin Rashid announced earlier this month that the Emirates has gone ahead and enacted its first law governing the function of digital or virtual assets and has also implemented a monopolistic method to regulate the crypto sector in the country.
Binance and other crypto exchanges open their office in Dubai.
In an attempt to take cryptocurrency global, Binance and some other cryptocurrency exchanges such as FTX which are at the top of the list got their license to open their offices in Dubai. The Dubai’s Virtual Assets Regulatory Authority (VARA), will be the regulatory body which will govern the virtual assets business in the country. The regulation, licensing, and governance are the key objectives to be accomplished by VARA.
Crypto.com enters Dubai!
Following the launch of VARA, a slew of crypto exchanges from around the world have set up shop in Dubai. Crypto.com, which is based in Singapore and does the majority of its business there, received a license from VARA to conduct business in Dubai. The VARA first granted provisional clearance to the Singapore-based exchange’s Virtual Asset MVP License.
Crypto.com is also planning to open a regional office in Dubai. The company intends to offer a wide range of cryptocurrencies and a wide range of services, including institutional-focused offerings.
Crypto.com’s CEO’s words.
The co-founder and the CEO of Crypto.com went on to say that, they are delighted at the opportunity presented to them by Dubai. They are excited to provide more products and services in a market that’s ever growing and provides them with a great opportunity to tap untapped market. He also said that, his firm will comply all the regulations and compliances set out by VARA.
Crypto has consistently been dominating the financial sector of late. Even a crash which happened in May, which happened to wipe out billions of dollars has not halted the talks about crypto. Rather, investors and crypto experts have started talking more about crypto and are already predicting that the crypto market will rise again from the bottom.