Binance gets the go-ahead to provide cryptocurrency services in Dubai.
The new MVP License replaces a provisional license that was granted earlier this year under a new regulatory framework.
The Virtual Asset Regulatory Authority (VARA) of Dubai has granted the cryptocurrency exchange Binance a Minimal Viable Product (MVP) license, allowing it to provide a variety of virtual asset services to qualified retail and institutional clients.
The development comes after the business received the temporary license issued in March, which allowed it to open an office in the United Arab Emirates and offer services for the exchange of digital assets to pre-approved investors and financial institutions.
With the new authorization, Binance will be allowed to provide a variety of services linked to virtual assets to accredited retail and institutional investors in accordance with the regulations governing virtual asset service providers (aka VASPs).
Additionally, it will let the business to access regional banking systems and offer services such as open money accounts, virtual-fiat currency conversions, asset transfers, custody, and management, token offerings, and trading.
Binance’s founder and CEO, Changpeng Zhao (CZ), said in a statement:
As we have been doing in Dubai, “we firmly think there is a big potential to cooperate with our industry partners to set common implementation standards throughout the world.”
The acts of Binance indicate that it seeks to increase its influence in the Middle East. The exchange received a license to operate in Bahrain in March and now provides cryptocurrency services including custody, trading, and portfolio management.
Dubai’s VARA, which was established in March 2022, is in charge of authorizing and policing virtual asset providers throughout the emirate and its free zone regions. Additionally, local officials gave CryptoCom a temporary license and approved the establishment of FTX’s regional offices.