Global blockchain services provider Binance today announced that it has secured the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
The new license comes after the crypto exchange was granted a provisional license in March from Dubai’s newly formed digital asset regulator.
The new MVP license allows Binance to offer an approved range of virtual asset-related services to qualified retail, as well as institutional investors in Dubai. Furthermore, clients of the crypto exchange can also open a client money account with a domestic bank.
With the new regulatory license, Binance can offer services such as virtual asset exchange services, crypto-fiat conversions, crypto transfers, custody and management services, as well as token offerings. Moreover, Binance can also offer crypto payments and remittance services.
Changpeng Zhao (CZ), founder and CEO of Binance, commented:
Changpeng Zhao
Source: LinkedIn
VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework. 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.
