- Binance, the world’s largest cryptocurrency exchange company, gets license to start operations in Dubai
- After obtaining the license, Binance will be allowed some operations in Dubai
- The cryptocurrency company will also set up a blockchain technology hub at the Dubai World Trade Center
Dubai (Epost) The world’s largest cryptocurrency exchange company Binance has received a license to start operations in Dubai.Binance will allow the expansion of limited exchange products and services to pre-qualified investors and professional financial services providers.
Dubai’s Virtual Asset Regulatory Authority has granted Binance a virtual asset license, according to a report by the Gulf News Agency.
Following this development, the company intends to conduct regional business from Dubai On Tuesday, it was reported that Bahrain was the first Gulf country to issue a license to the cryptocurrency exchange company Binance.
Following this development, Dubai also decided to license the binance.
It has been reported that after obtaining the license, Binance will be allowed some operations in Dubai. Binance will be allowed to expand exchange products and services limited to pre-qualified investors and professional financial services providers.It further said that all service providers licensed by the Virtual Asset Regulatory Authority will be gradually monitored.
So that access to the retail market can be opened. The corrupt company will also set up a blockchain technology center at the Dubai World Trade Center.
Financial regulators around the world have targeted the balance sheet, some have banned certain activities on the platform and others have warned consumers that it is not licensed to operate within its jurisdiction.The United Arab Emirates, which is the financial capital of the Gulf region,As regional economic competition heats up, it is pushing for the development of a virtual asset sector and regulation to attract new forms of business.
Last week, Dubai adopted its first virtual asset control law and set up the Virtual Asset Regulatory Authority as a regulator to oversee the sector.According to Gulf News, Binance announced in December that the company would set up an international virtual asset ecosystem in Dubai with the Dubai World Trade Center.And working to help develop virtual asset regulations
In this regard, according to Hilal Saeed Al Murri, Director General of the Dubai World Trade Center Authority, Binance will be able to conduct its regional business from Dubai in the newly announced regulatory ecosystem.Which is subject to comprehensive legislation and an internationally applicable policy framework