Binance, the largest cryptocurrency exchange in the world, has received a minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Binance received a provisional license from Dubai’s VARA in March of this year, allowing it to provide cryptocurrency services to a specific type of local investor. The company was given the go-ahead to operate within the megalopolis’ “test-adapt-scale” virtual asset market model, with the domestic regulator promising to strictly enforce the process.
Dubai’s authorities appear to be pleased with Binance’s presence in the region, as they recently granted it a minimal viable product (MVP) license. As a result, the platform can now offer digital asset services to qualified retail and institutional investors who follow local regulations.
VARA will approve Binance’s new clientele, which means that users will benefit from increased levels of consumer protection.
As a result of the MVP authorization, the exchange was able to open a client money account with a local bank and offer a variety of options. These include virtual asset exchange services, cryptocurrency transfers, digital asset custody and management, and conversion between virtual assets and fiat currencies.
Helal Saeed Almarri, Chairman of VARA, stated that the regulator is pleased to have Binance operating within its program. The watchdog’s policies aim to provide the best crypto experiences for domestic investors while also ensuring maximum customer protection, he added.
Changpeng Zhao, the CEO of Binance, also spoke on the subject, stating that the platform’s main goal is to enable responsible innovation, provide users with low-risk access to the crypto world, and collaborate with regulators.
“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai,” he concluded.
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