Binance, the world’s largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai.
- The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance’s registration to operate in countries in the Middle East, North Africa, and Europe.
- VARA’s chairman, H.E. Helal Saeed Almarri said, “we are pleased to have Binance licensed to operate within the VARA MVP program.” He further explained that the VARA regime balances value creation and risk mitigation
- This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.
- Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.
- The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry’s growth.
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