Binance, the world’s largest cryptoasset exchange, has been granted a license to conduct operations in Dubai following the country’s recent legislation regarding digital assets.
According to a report by Reuters, the company announced that it had obtained a Virtual Asset license from Dubai’s recently formed Virtual Asset Regulatory Authority (VARA), allowing the exchange to conduct some of its operations in the region.
The license comes one day after Dubai’s neighboring country Bahrain awarded Binance with a cryptoasset service provider license, the first such license to come from a Gulf Cooperation Council (GCC) country.
In a statement released following the announcement, Binance said it would be permitted to “extend limited exchange products and services” to pre-qualified investors and professional financial service providers in Dubai. The exchange also announced plans to anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC).
The report claims that the United Arab Emirates (UAE), serving as the Gulf region’s financial capital, has been working to develop a virtual asset sector and attract business from the growing industry of crypto.
Last week, Dubai adopted its first law governing virtual assets and established VARA to regulate and oversee the crypto industry.
In December 2021, Binance announced it was working with the Dubai World Trade Centre to establish an international virtual asset ecosystem in the region.
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