Cryptocurrency exchange Binance has obtained a Virtual Asset License that will see it operate in Dubai in a test-adapt-scale model as part of renewed efforts to establish a global presence.
VARA’s first regulatory stage will allow the exchange to offer limited products and services to pre-screened clients and professional service firms.
The company will also get a chance to set up a blockchain technology station in Dubai World Trade Center for professionals and a center for networking.
The Director-General of Dubai World Trade Center Authority, Helal Saeed Almarri, lauds the efforts that Binance is taking in compliance with the city’s objective of good governance and responsibility.
CEO Changpeng Zhao underscores the importance of quality regulatory standards on expanding the global cryptocurrency and blockchain industry.
Dubai is the pioneer country in setting up a special watchdog for the virtual asset sector. It has expressed its commitment to creating a VARA-managed environment that promotes innovation.
Source: PR Newswire