Binance Is Considering Obtaining An Operating License In Dubai

Crypto exchange Binance is negotiating to obtain an operating license in Dubai. This was reported by Bloomberg on Wednesday, citing a source. Binance is discussing with the Dubai World Trade Centre free zone the possibility of obtaining a license for a virtual asset service provider. Obtaining an operating license will help strengthen Binance's position in the Middle East.

Recently, the authorities of Dubai approved the law on virtual assets and formed a new agency that will deal with the regulation of the cryptocurrency industry. As part of the approved law, the Dubai Virtual Asset Regulatory Authority (VARA) was established. VARA will control the circulation of crypto assets in the UAE, ensure the protection of users' personal data, and monitor crypto platforms and digital wallets.

For Dubai, this move was part of a government program to attract the world's largest cryptocurrency companies to the country. The United Arab Emirates is ready to issue federal licenses for virtual asset service providers by the end of Q1 2022.

Image: Bloomberg