CLICK HERE AND LEARN HOW TO MAKE HUGE PROFITS IN A SHORT TIME WITH CRYPTO!!!
[embedded content]
Binance, the world’s largest cryptocurrency exchange, is setting up its base in Dubai.
It announced in a statement that it has been granted a virtual asset license that will allow it to operate within Dubai’s “scalability test” virtual asset market model as a basis for expansion into the region.
In particular, Dubai introduced its first virtual asset regulations a few days ago. Sheikh Mohammed Bin Rashid, the governor of Dubai, announced on Twitter that the emirate has enacted its first law regulating virtual assets and has also formed an independent regulator to regulate the cryptocurrency sector.
According to the press release issued by Binance, the Virtual Assets Regulatory Authority (VARA) will enforce strict regulatory oversight and mandatory FATF compliance controls in the initial regulatory phase.
“Binance will be permitted to extend limited exchange products and services to prequalified investors and professional financial service providers,” Binance said in a statement.
Likewise, all licensed VARA service providers will be progressively monitored to open access to the retail market.
Binance said it will also anchor a blockchain technology center at the Dubai World Trade Center, to sow new talent and build a vibrant blockchain ecosystem.
Changpeng Zhao (CZ), founder and CEO of Binance, said: “High standards of regulation and compliance are critical to the development and maturation of the global cryptography and blockchain industry, which is why our team has been working tirelessly to demonstrate how to meet and exceed the requirements of regulators, such as the Dubai Virtual Assets Regulatory Authority. “
In early December, several media outlets had mentioned that Binance was working with the Dubai World Trade Center (DWTC) to help establish an international virtual asset ecosystem in Dubai and help with the development of virtual asset regulations.
“The new VARA is a symbol of Dubai’s confidence in the potential of this future engine of the economy, if it is introduced with prudence and legitimacy. To this end, our regime is structured to catalyze collaboration. encouraging innovation and, above all, ensuring the public interest, “said Helal Saeed Almarri, CEO of the Dubai World Trade Center.
“The incorporation of Binance into VARA reflects its commitment to our agenda to provide global industry with the certainty of governance, enabled by shared industry responsibility and legislative security for society,” he added.
Interestingly, this is the second operating license Binance has received in the Middle East. Earlier this week, it had announced a similar award from the Central Bank of Bahrain, after which Binance became the first company licensed as a cryptocurrency provider to the Gulf Cooperation Council (GCC).
Zhao added: “The cryptocurrency license will allow Binance to offer cryptocurrency trading, custody and portfolio management services to clients under the supervision of Bahrain regulators.”