- Binance now holds a Minimal Viable Product license in Dubai.
- It was given the license by Dubai’s Virtual Asset Regulatory Authority (VARA).
- Binance can now provide an approved range of virtual asset-related services in Dubai.
Popular cryptocurrency exchange — Binance, secures a Minimal Viable Product license in Dubai. In detail, the license was granted by Dubai’s Virtual Asset Regulatory Authority (VARA). With this license, Binance will now have the ability to legally offer a wide range of approved services in Dubai.
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The Middle East has taken yet another powerful step to level up in the blockchain and crypto industry. By giving Binance an MVP license within one of its most rapidly growing cities, the UAE continues to boom.
Earlier this year, Binance received a provisional license in March 2022, to be exact. Now it holds a Minimal Viable Product license. VARA hopes to meet a balance between risk mitigation and value creation.
Therefore, by giving Binanace this license, both parties can benefit from an open market that enables innovation. In addition, they can also assure the protection “for the economically vulnerable”.
The Chairman of VARA — Saeed Almarri says,
The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.
In particular, VARA is allowing Binance to offer an approved range of virtual asset-related services. These services are set to suit qualified institutional and retail investors in Dubai. That is, of course, within its internally benchmarked legislative framework. UAE and the Middle East have taken many steps to strive and emerge triumphant in the technological industry. For instance, Dubai launched its Metaverse Strategy which is set to open over 40,000 virtual jobs. Similarly, Bahrain launched a Bitcoin payments test with OpenNode, just recently.
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