Notably, Gulf states have entered the crypto-favoured countries list. And Dubai emerged as a key crypto centre engaged in several initiatives supporting blockchain infrastructure and web 3 technologies. As a consequence, several crypto firms from across the globe joined the developing sector.
In an official blog post, blockchain.com addressed the granting of regulatory permission: The United Arab Emirates, renowned for its creativity in architecture, banking, and tourism, seeks to become a centre for global assets and blockchain technology. Dubai is determined to become a gravitational centre for the cryptocurrency business that also stimulates the local economy.
The objective of the regulatory body is to give significant rules and regulatory certainty to virtual asset service providers while safeguarding investors and facilitating the expansion of the virtual assets industry.
VARA is the first global regulatory organization established with the express purpose of overseeing blockchain and metaverse firms, however, Blockchain.com is not the first company to get permission from them. OKX and FTX are two more crypto firms that obtained licenses before blockchain.com.
Sheikh Hamdan, Vice President and Defense Minister of the UAE, unveiled Dubai Metaverse Strategy in July.
The strategy also aims to collaborate on R&D, recruit international businesses, broaden the pool of potential new content producers and developers, and do much more besides. All newly constructed government structures will be required to have support pillars for metaverse technologies.
A licensing plan and standards for platforms providing crypto-related marketing and advertising services were also launched by VARA. The new laws apply to all kinds of Virtual Asset Services providers, who will be required to comply with regulatory policy and disclose any promotional objective of a product in order to safeguard consumers with security measures.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.