RIYADH: Cryptocurrency exchange Binance has received approval to join the ‘Minimal Viable Product’ program from Dubai’s Virtual Asset Regulatory Authority, known as Vara, following the issuance of its provisional license in March 2022.
As Binance has procured the MVP license, it can now offer a range of Vara-approved virtual assets-related services to qualified retail and institutional investors in Dubai within the regulatory framework for providers.
Binance can now open a client money account with a domestic bank and provide a range of crypto-related services, which include exchange, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering and trading services and virtual assets payments and remittance services, the company said in a statement.
Vara was established in March 2022 under the Dubai Virtual Asset Regulation Law, the first law of its kind to regulate virtual assets.
The regulator aims to create an advanced legal framework to protect investors and set international standards for the virtual assets industry.
“The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and Vara looks forward to Binance being an active contributor, reinforcing Dubai’s commitment toward creating a next-gen secure ecosystem for this future economy,” said Helal Saeed Almarri, chairman of Vara.
Changpeng Zhao, founder and CEO of Binance said, “Vara’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgment of our compliance and safety processes in the new regulatory framework.”