Cryptocurrency Another licence has been granted to Binance by the cryptocurrency regulator in Dubai. More cryptocurrency-related services are now available in Dubai thanks to Binance.
The Virtual Assets Regulatory Authority (VARA) of Dubai has granted major cryptocurrency exchange Binance a Minimal Viable Product (MVP) licence, authorizing it to provide a wider range of virtual asset services to qualified retail and institutional investors.
According to the statement, obtaining an MVP licence provides Binance with the ability to “establish a client money account with a domestic bank,” in addition to the following benefits: “Binance will able to provide a verified selection of virtual asset-related services to duly accredited institutional and retail investors in Dubai..”
The following types of services have been given the green light:
virtual token offering and trading services, crypto exchange services, conversion services between cryptocurrencies and fiat currencies, transfers of crypto assets, custody and management, and payments and remittance services.
Under United Arab Emirates law, VARA was responsible for issuing licences and regulating the cryptocurrency industry in the emirate of Dubai and its free zone areas, except for the DIFC. VARA was founded in March under the Dubai Virtual Asset Regulation Law.
The cryptocurrency exchange Binance was granted a provisional licence by VARA in March, which enabled the company to provide a subset of cryptocurrency services.
Helal Saeed Almarri, the chairman of VARA, said, “We are thrilled to have Binance licenced to operate within the VARA MVP programme.” “VARA looks forward to Binance becoming an active contributor,” he continued.
“This will reinforce Dubai’s commitment to building a next-generation secure ecosystem for this future economy”.
Binance’s founder and current CEO, Changpeng Zhao (CZ), made the following comment: “At Binance we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice.”
Binance has been growing its presence in Europe by establishing local companies around the continent, including in the MENA region, Italy, France, and Spain.