UAE regulator VARA has given the go-ahead to CryptoCom’s plans to make bitcoin goods and services available to the country’s residents.
Dubai’s authorities have granted provisional clearance to CryptoCom, allowing it to provide a complete range of bitcoin goods and services in the city. It will be granted an operating licence in the near future after it has met all of its conditions.
The Dubai Virtual Assets Regulatory Authority (VARA) has given CryptoCom temporary authorisation to operate in Dubai, the UAE’s most populated city, according to a document shared with CryptoPotato.
Earlier this year, the watchdog was established to keep an eye on the local digital asset market and ensure that investors have the best protection possible.
With regard to VARA’s approval of CryptoCom, they cited the exchange’s compliance inspections. Consequently, it will be allowed to sell its goods and services in Dubai under the watchful eye of the regulator.
UAE Foreign Trade Minister Thani Al Zeyoudi underlined the UAE’s supportive approach to new technologies like blockchain and cryptocurrency:
“We are inviting enterprises to the UAE to build on this vision and allow innovations of the future to thrive here,” the lawmaker said.
Dubai World Trade Center Authority Director General Helal Saeed Almarri said the local crypto sector was thrilled to have CryptoCom as a member. It was his hope that the platform would serve as “an anchor” for the industry.
Kris Marszalek, the exchange’s Co-Founder and CEO, feels Dubai is a market of “huge significance,” and as a result, CryptoCom is eager to expand its operations in the area.
In the last several months, the trading platform has been in the news a lot. In the summer of 2021, it signed a deal with Formula 1 to become the tournament’s Global Partner and Debut Partner.
It signed a $700 million contract with the Staples Center in November. It was renamed to CryptoCom Arena as a consequence of this change.
Also Read: NFTs Sold by a 19-Year-Old Artist Earned Nearly $50 Million
