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Earlier today, Binance shared the news that it had received a Virtual Asset License permitting operations within Dubai.
Virtual Asset Regulatory Authority to Monitor Affairs
The exchange platform can now offer limited exchange goods and services to eligible investors and establishments in the UAE. However, this will be done in accordance with the Virtual Asset Regulatory Authority’s (VARA) initial regulatory stage.
The permit grants Binance the opportunity to function within Dubai’s digital asset market model which runs under the “test-adapt-scale” method. The world’s largest crypto exchange will be the starting ground for further digital advancement across the middle eastern region. As VARA-endorsed organizations are granted access to the retail market, the body will commence phased supervision.
Besides offering its exchange services, Binance will set up a base with a focus on blockchain technology. Established in the hopes of encouraging fresh talent, it will be located at the Dubai World Trade Center. It will also be the springboard for a thriving blockchain ecosystem.
Crypto billionaire and Binance Founder/CEO, Changpeng Zhao (CZ) expressed his views on this development. CZ noted that exemplary regulatory standards are a necessity in the growth of the crypto space all over the world.
He then shared that the Binance team had been “working tirelessly” to show that they were capable of meeting and surpassing the expectations of regulatory bodies such as Dubai’s VARA.
Binance Furthers Middle East Agenda
Dubai is the first global economy to establish a regulatory authority aimed specifically at virtual assets. The middle eastern nation also has plans to expand this sector. Controlled by Dubai’s Virtual Asset Regulatory Authority, it will comprise trusted, innovative entities from around the globe.
Binance’s VA exchange license allows it to operate within Dubai’s newly established regulatory market model. Yet another step in its journey towards expansion within the middle eastern region. This comes shortly after the platform received a similar license from Bahrain’s central bank.
The virtual asset license is Binance’s second permit in the Gulf Cooperation Council. This is further proof of progress in its efforts to strengthen its presence within the jurisdiction. There are suggestions that heightened regulations on financial institutions could have spurred Binance’s search for licenses.
Director-General of Dubai’s World Trade Center Authority, Helal Saeed Almarri spoke regarding Binance’s entry into the VA market model. He stated that the new regulatory authority embodies the nation’s faith in the potential of the crypto industry. Terming it the “future economy driver,” Almarri emphasized the need for caution and credibility.