New Delhi: Binance, the world’s largest crypto exchange in terms of trading volume, has been granted a virtual asset license, which allows it to use Dubai’s ‘test-adapt-scale’ virtual asset market model as a basis for expansion in the region. Enables to operate inside.
Binance is one of the first global virtual asset exchanges to receive a fully regulated license to offer regulated crypto trading services to sophisticated investors.
Under the Virtual Asset Regulatory Authority’s (VARA) initial regulatory phase, which includes stringent regulatory oversight and mandatory Financial Action Task Force (FATF) compliance controls, Binance is expected to expand limited exchange products and services to pre-qualified investors and professional financial will be allowed to do. service providers.
All licensed VARA service providers will be progressively monitored to open access to the retail market. In addition to its exchange operations, Binance will launch a blockchain technology hub at the Dubai World Trade Center to nurture new talent and build a vibrant blockchain ecosystem.
Binance Founder and CEO Changpeng Zhao (CZ) said: “High standards of regulation and compliance are critical to the growth and maturation of the global crypto and blockchain industry, which is why our team is working tirelessly to demonstrate that That’s how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”
Dubai is the first global economy to have established a special regulator for the virtual asset sector and will develop this VARA governed ecosystem of trusted, reputable and innovative international leaders.
The Virtual Asset Exchange License issued by VARA ensures that Binance will be able to operate its regional business out of Dubai within the newly announced regulatory ecosystem that is subject to comprehensive legislation and policy framework applicable internationally.
Commenting on Binance joining the new virtual asset ecosystem, Helal Saeed Almarri, Director General of the Dubai World Trade Center Authority, which houses VARA, said, “The new VARA symbolizes Dubai’s belief in the potential of this future economy driver – If it is offered with discretion and validity. To this end, our governance is structured to catalyze cooperation, promote innovation and most critically protect the public interest. Binance’s onboarding within VARA reflects their commitment to Dubai’s agenda – to provide global industry with certainty of governance, enabled by ‘shared industry responsibility’ and legislative protections for society.”
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!