Binance received a virtual asset license from the authorities in Dubai, which allowed it to operate in the Dubai asset market, which was the first step in their expansion into the United Arab Emirates.
Under the initial regulatory phase of the Virtual Assets Regulatory Authority (VARA), Binance will be allowed to extend certain exchange products and services to qualified investors and professional financial service providers.
In addition to its operations as an exchange, Binance will take part in the blockchain technology hub at the Dubai World Trade Centre, to prepare new talent and build a vibrant blockchain ecosystem.
"High regulatory and compliance standards are critical to the development and maturation of the global crypto and blockchain industry. That's why our team has been working relentlessly to demonstrate how we meet and even exceed regulatory requirements such as those set by the Dubai Virtual Asset Regulatory Authority," said Changpeng Zhao. (CZ), founder and CEO of Binance, in a statement received by us, Wednesday (30/3/2022).
Dubai is the first global economic city to set up a dedicated regulatory body for the virtual asset sector and will further develop an ecosystem of credible, reputable and innovative international leaders under VARA.
The VARA-issued Virtual Asset Exchange license ensures that Binance will be able to operate its regional business from Dubai under a newly announced regulatory ecosystem that is subject to a comprehensive statutory and internationally applicable policy framework.
"The new VARA is a symbol of Dubai's belief in the potential for driving this future economy – if introduced with prudence and legitimacy. To this end, our leadership is structured to catalyze collaboration, foster innovation and most importantly, secure the public interest." Helal Saeed Almarri, Director General of Dubai World Trade Center Authority.