Binance Taps MVP License from Dubai Virtual Assets Regulatory Authority
Godfrey Benjamin Sep 21, 2022 06:15
Binance Exchange has announced it has tapped the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Binance Exchange, the world’s largest digital currency trading platform by trading volume, has announced it has tapped the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
This latest license precedes the Provisional License it was granted earlier this year, and with the MVP designation, it is set to expand its service offering in the Emirates.
According to the exchange, the new MVP license will position it in a way that it will be able to offer Virtual asset exchange services, Conversion between virtual assets and fiat currencies, transfer of virtual assets, and Custody and management of virtual assets, amongst others.
“We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable,” said His Excellency Helal Saeed Almarri, Chairman of VARA, “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 towards creating a next-gen secure ecosystem for this future economy.”
Binance is riding on the clear regulatory approach to cryptocurrencies in the Dubai area to expand its footprint across the board. The trading platform said it is set to offer its services to both retail and institutional investors as permitted by the extant laws of VARA.
Binance is an exchange that is known to maximize opportunities in the regions it is operating. The crypto service provider recently partnered with VARUS, one of the largest supermarket chains in Ukraine, to allow users of its Binance Pay app to purchase items and pay for them through digital currencies.
While this service will not only help provide comfort and enhanced utility, it will also come with a profitable cashback for all adopters. With the MVP License, Binance is set to do more, with CEO Changpeng Zhao saying the exchange “strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai.”
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