In a recent blog post by CoinW, a crypto exchange, the company unilaterally announced that it has received an initial approval from Dubai Virtual Asset regulatory Authority. According to CoinW this is a significant step in their global expansion which will lead to substantial investments in the UAE market and MENA region. As per the post the initial approval from VARA means that CoinW will be able to operate its regional business in Dubai within the newly announced regulatory framework and serve as its foundation for operation in the region. Sonia Shaw the Global Cooperation Director of CoinW based out of UAE, commented that the UAE is growing into an important global cryptocurrency hub, with Dubai being the first global economy to establish a dedicated regulatory authority for the virtual asset industry. It is foreseeable that the cryptocurrency business in the Middle East will thrive in the coming years. She states, “CoinW is optimistic about the potential of this city a