Crypto platform Binance has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), after receiving a provisional license in March 2022 which allowed it to provide only a limited range of services to pre-qualified investors.
The MVP means that Binance can open a client money account with a domestic bank and offer virtual asset services including transfers, custody and management, token offering and trading, payments and remittance, and conversion between virtual assets and fiat currencies.
VARA was established in March 2022 under the Dubai Virtual Asset Regulation Law, to regulate virtual assets and protect investors.
The license in Dubai adds to Binance’s milestones in the region which include receiving in-principle approval to operate in Abu Dhabi in April and a license to operate in Bahrain in March.
His Excellency Helal Saeed Almarri, Chairman of VARA, said,
“The MVP Phase is designed for select global players across the value chain that are committed to responsible industry participation. VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”
Alexander Chehade, Binance’s Dubai General Manager, noted:
“Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration.
We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services, including local banking capabilities and enhanced products.”
