Dubai Grants 'Minimum Viable Product' License to Binance - This is reason
The Dubai Virtual Asset Authority (VARA) has granted a Minimum Viable Product (MVP) license to the world's largest cryptocurrency exchange Binance, after which they can provide related services. cryptocurrency for institutional and retail investors in the Emirates. United Arab Emirates (UAE) from now on.
Binance received a temporary license in March 2022.
Opportunity to provide crypto-related services
Following the MVA license, Binance is now able to offer a wide range of approved crypto-related services to qualified institutional and retail investors in Dubai, a group of VARA-approved clients. .
The exchange can now provide a wide range of crypto-related services such as exchange, conversion, transfer, trading, management, payment and remittance to its customers.
“Vara’s unique operating model is setting a benchmark for the global industry, and this latest registration is a recognition of our security and compliance processes under the new regulatory framework,” Changpeng Zhao (CZ), Founder and CEO said. from Binance.
VARA Leading Cryptocurrency Regulatory Authority in Dubai
The Virtual Asset Management Authority (VARA) was established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai in March 2022.
It also introduces rules and regulations regarding cryptocurrencies and other virtual assets. VARA requires crypto exchanges and users to register before engaging in crypto-related activities.
In July 2022, the Prime Minister announced a new metaverse strategy on Twitter, aiming to generate $4 billion for the economy through the growth of the blockchain and cryptocurrency industry. He added that the pledge will create 40,000 virtual jobs.
The Royal is interested in developing the United Arab Emirates and Dubai as global players in the crypto industry and has been constantly taking steps to create an encouraging environment. for this industry.
Since VARA was established, VARA has granted regulatory approval to several cryptocurrency exchanges in the UAE.
On June 3, Crypto.com received a temporary virtual asset license MVP from VARA. On June 21, the Hex Trust received the same. On July 14, the same OKX crypto trading app was made available.
On July 29, FZE, a division of the FTX cryptocurrency exchange, received an MVP license. Recently, a temporary license was granted to Blockchain.com, the London-based cryptocurrency exchange and wallet, on September 9.
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