The world’s largest cryptocurrency exchange – Binance – has received a viable product license (MVP) from Dubai’s Virtual Assets Authority (VARA).
Dubai continues to issue license to Binance
In March of this year, Binance secured a temporary license from Dubai’s VARA that allows cryptocurrency services to be offered to certain types of local investors. The green light meant that the company should operate within the megalopolis’ “test-adapt-scale” virtual asset market model, while the domestic regulator vowed to observe the process strictly.
Dubai continues to issue Binance a minimum viable product license (MVP).
As a result, the platform can now offer digital asset services to qualified institutional and retail investors as long as those comply with local rules. Binance’s new clientele will be approved by VARA.
The MVP authorization then allows the exchange to open a customer’s account with a local bank and offers a variety of options, including virtual asset exchange services, cryptocurrency transfers, custody, and digital asset management, and conversions between virtual assets and fiat currencies.
VARA President Helal Saeed Almarri said the regulator is pleased to have Binance operating within its program. The watchdog’s policies aim to provide the best crypto experience for domestic investors while providing maximum customer protection.
Changpeng Zhao said the main goal of the platform is to enable responsible innovation, provide users with access to the world of cryptocurrencies with minimal risk, and cooperate with regulators.
“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai,” he concluded.
Dubai’s vision of the cryptocurrency market
The most populous city in the United Arab Emirates – Dubai – has recently emerged as one of the global crypto hubs.
In addition to Binance, local authorities have granted temporary licenses to CryptoCom, while FTX has received regulatory approval to establish a regional headquarters in Dubai.
In May, the UAE’s largest airline company – Emirates Airline – revealed plans to use Bitcoin as a payment method, while blockchain technology could be used to track aircraft’s records.
Meanwhile, the five-star luxury Palazzo Versace Dubai has allowed customers to pay for accommodation, dining and spa services with digital assets instead of fiat currency. Supported cryptocurrencies are Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB).