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| Binance gets its second Gulf license |
Binance, the world's largest cryptocurrency platform, said it has obtained a license to create and operate a virtual asset trading service, allowing it to "develop, support and grow" Dubai's virtual asset market on a model, while the company builds on access to the Dubai market and expands its presence in the region. .
Binance is authorized to operate during the first phase of regulation by the Dubai Virtual Assets Authority.
The license allows the global platform to offer limited trading products and services to pre-accredited investors and professional financial institutions.
All service providers licensed by VARA are monitored on an ongoing basis until they are licensed to provide services to individual traders.
In addition to its virtual asset exchange activities, Binance is also setting up a blockchain technology hub at the Dubai World Trade Center to support new talent and develop a dynamic, on-the-ground ecosystem in the emirate.
The UAE license comes after Bahrain granted the platform a Crypto Asset Service Provider license, the first from the GCC.
The UAE, the financial capital of the Gulf region, is striving to develop and regulate the virtual asset industry. It aims to attract new forms of business as regional economic competition intensifies.
Dubai, one of the seven emirates that make up the United Arab Emirates, has issued its first virtual assets law. VARA was created as the supervisory authority for the regulatory area.
Dubai Virtual Asset License granted by Binance
Binance announced in December that it was working with the Dubai World Trade Center to help build a virtual asset ecosystem in Dubai and help shape the regulation of virtual assets.
Helal Saeed Al Marri, Managing Director of the Dubai World Trade Center Authority, said: “The new VARA underscores Dubai's confidence in the huge potential of the industry and its desire to bolster the future economy under strict and thoughtful regulations. far. Therefore, our system is designed to stimulate cooperation of all kinds, promote innovation and, above all, protect the public interest.
He added, “Binance’s inclusion in the Dubai Virtual Asset Authority reflects its commitment to the Dubai agenda. The agenda aims to instill confidence in the global industry in good governance. Such governance is based on shared responsibility and accountability among the various parties.” The units operate within the organizational security of the entire company.
In addition, Dubai is the first global economy to adopt a dedicated regulatory regime for virtual assets. Binance's Virtual Asset Trading License guarantees the ability to conduct regional trading in Dubai.