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Binance, the world’s leading blockchain services provider, has received a Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (Vara), following the issuance of a provisional license in March 2022.
The MVP license means that Binance can offer a range of approved virtual asset-related services to appropriately qualified retail and institutional investors in Dubai within the framework of its international benchmark legislation for Virtual Asset Service Providers (VASPs).
Committed to strict investor and market protection principles, Binance will cater to Vara-approved clients who can now benefit from this first-of-its-kind regulatory license unlocked local banking channel. By transacting on a regulated platform under the supervision of Vara Dubai, users will benefit from a higher level of consumer protection.
Client Money Account
Transitioning from a temporary license received earlier this year to an MVP license means Binance can open client money accounts with domestic banks and offer the following services to eligible clients:
●Virtual asset exchange service
●Conversion between virtual assets and fiat currency
●Transfer of virtual assets
●Virtual asset custody and management
●Virtual token issuance and trading services
●Virtual asset payment remittance service
Vara was established in March 2022 under the Dubai Virtual Assets Regulation Act, the first law of its kind to regulate virtual assets. Vara aims to create an advanced legal framework to protect investors and set international standards for the virtual asset industry for responsible business growth in the emirate.
The license is an important milestone following the registration of Binance’s multiple local entities in the MENA region and Europe, Italy, France and Spain, and further demonstrates Binance’s desire to become a regulatory leader with strong compliance and security controls The platform is centered on consumer protection and market integrity.
effective balance
Helal Saeed Almarri, Chairman of Vara, said: “The Vara regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while ensuring the protection of economically disadvantaged groups.
“The MVP phase is designed for select global players in the value chain who are committed to responsible industry engagement, and Vara looks forward to Binance being an active contributor, reinforcing Dubai’s commitment to creating a next-generation secure ecosystem for this future economy. “
Changpeng Zhao (CZ), founder and CEO of Binance, commented: “At Binance, we welcome globally consistent regulations that support responsible innovation, protect users and give them choice. Vara’s unique operating model sets the stage for a global industry benchmarking, and the recent registration is an endorsement of our compliance and security processes in the new regulatory framework. We strongly believe in working with our industry peers to develop consistent standards of implementation globally, as we did in Dubai This is an important opportunity.”
progressive stance
Alexander Chehade, General Manager of Binance Dubai, noted: “Our registration in Dubai reflects the country’s progressive attitude towards blockchain technology and its willingness to embrace the space through collaboration. We look forward to continuing our partnership as our Dubai presence More services on a team and business basis, including local banking capabilities and enhanced products.”- arab trade news agency
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