Binance, a cryptocurrency exchange, has announced that it has been granted a Minimal Viable Product (MVP) licence by Dubai’s Virtual Asset Regulatory Authority (VARA). With this licence, Binance will be able to provide a variety of virtual asset services to qualified retail and institutional investors. The news was announced by the company on Tuesday.
The new development follows the issuance of the provisional licence that was granted in March. This licence allowed the company to establish an office in the United Arab Emirates and provide digital asset exchange services to pre-qualified investors and financial firms. The issuance of this licence is what prompted the new development.
Under the regulatory framework that applies to virtual asset service providers, Binance will soon be allowed to deliver a variety of virtual asset-related services to accredited retail and institutional investors thanks to a newly received authorization (aka VASPs).
The new projects will expand operations:
Additionally, it will make it possible for the organisation to access local banking channels and provide open money accounts, conversions between virtual and fiat currencies, asset transfers, custody and management services, token issuing and trading services, and more.
The moves taken by Binance indicate that the company has the intention of further increasing its footprint in the Middle East. The exchange was granted a licence to do business in Bahrain in March, allowing it to begin providing cryptocurrency services such as custody, trading, and portfolio management.
Dubai’s Virtual Asset Regulatory Authority (VARA), which began operations in March 2022, is in charge of issuing licences and enforcing regulations on virtual asset providers operating inside the emirate and it’s free zone regions. CryptoCom was also awarded a provisional licence by the local authorities, in addition to FTX receiving clearance for a regional headquarters location.
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