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Binance, the world’s leading cryptocurrency exchange, has been awarded the Dubai Virtual Assets Regulatory Authority [VARA] of the Minimum Viable Product [MVP] license, according to local reports. Back in July 2022, Bahamas-based FTX subsidiary FTZ became the first recipient of the MVP VASP license.
MVP License allows Binance to operate within the legal framework of Dubai as Virtual Asset Service Providers [VASPs]], as appropriate Qualified institutional and retail investors offer a range of services related to virtual assets.
This license will also facilitate blockchain service providers to open client money accounts to cooperate with domestic banks and provide the following services.
Customers can now take advantage of the local banking channel provided by this first-of-its-kind regulatory license, as Binance will serve VARA-accredited customers. Trading on regulated platforms under the guidance of VARA Dubai will also provide users with a higher level of consumer protection. The
license is a major achievement after multiple registrations of Binance’s local branches in Italy, France and Spain in Europe and the MENA region.
Welcome to the move, Changpeng Zhao, aka CZ, founder and CEO of Binance, said the registration is for its compliance under the new regulatory framework and safety processes, and will work closely with industry peers to develop consistent standards for implementation.
Recently, a top exchange partnered with UAE-based company formation and business support services provider Virtuzone to encourage new entrepreneurs Do business in the country using cryptocurrencies.
in bringing Binance Pay has been incorporated into its payment gateway, and Virtuzone has joined the list of well-known entities such as JA Resorts & Hotels and Majid Al Futtaim to accept cryptocurrencies in the West Asian country.
Binance and the UAE have recently grown stronger as the UAE attempts to position itself as the world’s newest digital asset hub and set the rules.
In December, the world’s largest cryptocurrency exchange by trading volume announced that it was considering Dubai as its potential headquarters and The UAE has recruited for more than 100 positions, its regional head later said.
Dubai, one of the seven emirates of the United Arab Emirates, was The Virtual Assets Regulatory Authority was established in March and promulgated the first law governing digital assets l Assets [VARA].
In addition to Binance, it also Global giant FTX Europe issued a license, and businesses such as crypto.com opened offices there.