Cryptocurrency wallet exchange and operator Blockchain.com has received pre-approval from Dubai Virtual Assets Regulatory Authority (VARA). It is reported by Reuters.

According to the agency, the company will open an office in the region and start recruiting.

A tweet republished the news was published by Blockchain.com head Peter Smith.

Great work by the team here — Dubai ✅ ✅🚀🚀https://t.co/8nQm8w8y3g

– Peter Smith (@OneMorePeter) September 9, 2022

The official account of the stock market sent Send it with the phrase “Get ready, we’re going to #Dubai”. However, the Medium entry referred to by Blockchain.com at the time of writing is not available.

Earlier, the exchange announced the layoffs of around 150 employees (about 25% of the total) and cuts in top executives’ salaries. The company addressed the need to compensate for financial losses and adverse market conditions.

The decisions came amid potential losses of $270 million to the Three Arrows Capital hedge fund. The latter filed for bankruptcy.

In early July, Blockchain.com requested the liquidation of Three Arrows Capital.

Recall that temporary licenses from the emirate regulator were also obtained by the exchanges Binance, OKX and Huobi.

A similar permit was granted by FTX in the spring, right after VARA was created. At the end of July, the “daughter” of the platform became the owner of the full license of the division for the provision of services for the exchange and exchange of digital currencies.

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