Blockchain.com, a crypto firm headquartered in London, has received regulatory approval from Dubai authorities, joining the plethora of crypto firms operating in the Gulf region, according to a report.

In a bid to become the hub of crypto-related activities, Dubai has actively greenlit several firms to operate in the region and as per Reuters, Blockchain.com has signed a deal with Dubai's crypto regulator Virtual Assets Regulatory Authority (VARA) which was established earlier this year.

Blockchain.com, which offers a crypto wallet and also operates a crypto exchange for customers, will be opening an office in Dubai to focus on regional operations following the deal with VARA, the report said.

The United Arab Emirates (UAE) has been working hard to improve crypto businesses in the region, and Dubai - one of the seven emirates - has turned out to be the home of many crypto-related firms, including the world's biggest crypto exchange Binance and rival crypto exchange FTX.

Crypto exchange OKX was also recently granted a provisional virtual assets license by the Dubai World Trade Centre Authority under VARA. OKX plans to open an office in Dubai and stated that the Middle East and North Africa region are "among the crypto industry's fastest-growing markets"

The deal between VARA and Blockchain.com comes at a time when the crypto market is bearish and touching lower lows. Interestingly, investments in crypto and blockchain continue to grow on a global scale. According to a previous report, ex-Meta executives raised around $300 million to boost the development of Layer 1 blockchain Sui, which has yet to debut in the crypto market.

General view of the Burj Khalifa and the downtown skyline in Dubai, United Arab Emirates, September 30, 2021.
General view of the Burj Khalifa and the downtown skyline in Dubai, United Arab Emirates, September 30, 2021. Reuters / MOHAMMED SALEM
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