Crypto Exchange Binance obtains a virtual asset license to operate in Dubai

Binance has issued a license to conduct some operations in Dubai, the world’s largest cryptocurrency exchange said on Wednesday, with plans to do business in the region from there. The recent creation of the Dubai Virtual Assets Regulatory Authority (VARA) for the award of the Virtual Assets License comes on the eve of the launch of the Gulf Cooperation Partnership (GCC) first license by Bahrain neighbor Bahrain on Tuesday.

“Binance will be allowed to expand its limited exchange products and services to pre-qualified investors and professional financial service providers. All VARA-licensed service providers will be monitored to gradually open up access to the retail market,” Binance said in a statement.

The crypto company will also anchor a blockchain technology site at the Dubai World Trade Center (DWTC), he said.

Financial regulators around the world have targeted Binance, with some banning certain platform activities and others warning consumers that they are not allowed to operate in their jurisdictions.

The United Arab Emirates (UAE), the financial capital of the Gulf region, is pushing for the development of a virtual asset sector and regulation as the region’s economic competition to attract new forms of business is heating up.

Dubai, one of the seven emirates of the Basque Country, passed the first law regulating virtual assets last week and established VARA as a regulator to oversee the sector.

Binance said in December that it was working with the DWTC to help establish an international international virtual asset ecosystem in Dubai and to help develop virtual asset regulations.

“Binance will be able to move its regional business from Dubai into a newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks,” said Helal Saeed Almarri, Director General of the DWTC Authority.

© Thomson Reuters 2022

Interested in cryptocurrency? We talk to CEO Nischal Shetty WazirX and founder of Alok Jain WeekendInvesting about all things crypto in the Orbital, Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and where you get your podcasts.

Source link


Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button