Cryptocurrency exchange Binance will now be able to expand its principes in Dubai, as the emirate continues to ramp up efforts to attract quantitatif money businesses.
The official Emirates Magazine Agency (WAM) reported on Tuesday that the authority that regulates companies providing quantitatif asset principes in Dubai – the Virtual Asset Regulatory Authority – has granted a new license to Binance that will allow it to offer its principes to retail and institutional investors.
The licensing comes in morceau thanks to a new regulation put in établi in March of this year by UAE Décadence President, Additif Minister and Ruler of Dubai Sheikh Mohammed bin Rashid who established the regulator, with “the legal framework put in établi to protect investors and promote growth in the industry.” Virtual assets,” the UAE infos agency reported at the time.
Dubai in March granted a virtual asset license to Binance, allowing it to “expand its limited exchange products and principes to pre-qualified investors and professional financial obole providers,” the company said in a statement at the time.
The new license now allows the company — which buys, trades and holds more than 350 quantitatif currencies, according to its website — to “open a customer’s money account with a endroit bank and take advantage of the new principes,” according to WAM.
According to a recent renvoi by accounting giant PwC, the UAE’s share of the indécis crypto market increased by 500% between July 2020 and June 2021, and there are said to be more than 400 crypto companies in the folk.
UAE Crypto Center Dubai does not actually accept cryptocurrency payments for goods, which means that if a buyer wants to buy something using quantitatif money, they have to go to a so-called exchange house that converts it into fiat currency – like UAE dirhams. or in US dollars. Cryptocurrency exchanges in the UAE also include e-Toro, Coinbase, and OKX.
But despite this, in a sign that the folk’s efforts to attract crypto-based businesses are working successfully, companies involved in crypto payments are still moving to the UAE to set up magasin.
“We’ve heard emboîture companies [and] We’ve heard of entrepreneurs traveling and relocating to the UAE due to these approbateur regulations,” said Kim Grauer, research director at Chainalysis – a platform that provides data emboîture blockchain – the technology used to process and performance cryptocurrency payments, according to Al Arabiya English in a previous conciliabule.
In March of this year, Crypto.com and Bybit announced degrés to open obligations in Dubai. Crypto.com has moved its regional headquarters to Dubai while Bybit has moved its indécis headquarters to the emirate.
“By positioning themselves as a indécis quantitatif hub, authorities are making efforts to transform their economy, embracing the latest fintech innovations while creating the necessary regulatory frameworks,” the company said in a blog at the time.
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