Dubai, the world's largest cryptocurrency exchange company, has been licensed to start operations in Dubai, allowing the expansion of limited exchange products and services to pre-qualified investors and professional financial services providers. According to a report by the Gulf News Agency, the Virtual Asset Regulatory Authority of Dubai has granted a virtual asset license to Binance.
Following this development, the company intends to conduct regional business from Dubai. It is reported that on Tuesday, Bahrain was the first Gulf country to issue a license to the cryptocurrency exchange company Binance. Following this development, Dubai also decided to license Binance.
It has been reported that after obtaining the license, Binance will be allowed some operations in Dubai.
Balance will only allow the expansion of limited exchange products and services to pre-qualified investors and professional financial services providers. It further said that all service providers licensed by the Virtual Asset Regulatory Authority would be gradually monitored to open up access to the retail market. 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 UAE, which is the financial capital of the Gulf region, is pushing for the development of a virtual asset sector and regulation to attract new forms of business as regional economic competition heats up.
In this regard, Dubai last week adopted its first law governing virtual assets and established the Virtual Asset Regulatory Authority as a regulator to oversee the sector. According to Gulf News, Bayans announced in December that the company was working with the Dubai World Trade Center to establish an international virtual asset ecosystem in Dubai and 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 that includes comprehensive legislation and an internationally applicable policy framework.
