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Dubai grants crypto exchange Binance a virtual asset licence

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Reuters

<p>DUBAI - The world&#x27;s largest cryptocurrency exchange Binance has been granted a licence to conduct some operations in Dubai, the company said, from where it plans to carry out regional business.</p><p>The awarding of the Virtual Asset Licence from Dubai&#x27;s recently formed Virtual Asset Regulatory Authority (VARA) comes after Gulf neighbor Bahrain on Tuesday awarded Binance a crypto-asset service provider licence, its first such licence from a Gulf Cooperation Council (GCC) country. Read full story</p><p>&quot;Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market,&quot; Binance said in a statement.</p><p>The crypto company will also anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC), it said.</p><p>Financial regulators across the world have targeted Binance, with some banning the platform from certain activities and others warning consumers that it was not licensed to operate in their jurisdictions. </p><p>The United Arab Emirates (UAE), the Gulf region&#x27;s financial capital, has been pushing to develop the virtual asset sector and regulation to attract new forms of business as regional economic competition heats up.</p><p>Dubai, one of the UAE&#x27;s seven emirates, last week adopted its first law governing virtual assets and established VARA as a regulator to oversee the sector.</p><p>Binance said in December it was working with DWTC to help set up an international virtual asset ecosystem in Dubai and assist with the development of virtual asset regulations.</p><p>&quot;Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks,&quot; DWTC Authority Director General Helal Saeed Almarri said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/02/21/binance-crypto-exchange-scrutiny-uk">Binance, the giant crypto exchange under regulatory scrutiny</a></li>	<li><a href="https://news.abs-cbn.com/overseas/08/13/21/court-orders-binance-to-trace-cryptocurrency-hackers">London court orders Binance to trace cryptocurrency hackers</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1718452" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

The world's largest cryptocurrency exchange Binance has been granted a licence to conduct some operations in Dubai, the company said, from where it plans to carry out regional business.