Crypto exchange Binance has received an MVP license from Dubai’s Digital Assets Regulatory Authority (VARA).
Binance is strengthening its ties in the Middle East and Europe after receiving in-principle approval from the Abu Dhabi Global Market to operate as a broker-dealer in digital assets in April.
Binance MVP License from Dubai
Binance announced that it has received approval from Dubai’s Digital Asset Regulatory Authority (VARA) to participate in the minimum viable product (MVP) program.
The MVP license is a big step forward in selecting international players to be allowed to run business operations under VARA’s guidelines and risk mitigation measures. This license allows the cryptocurrency exchange to provide digital assets related services to qualified retail and institutional investors in Dubai within VARA’s regulatory framework for providers.
Changpeng Zhao, founder and CEO of Binance, said:
“We believe our license in Dubai is an important opportunity to work with our industry peers to develop consistent standards of practice around the world”
The company also stated that the MVP license from VARA is a significant milestone after several registrations for its local organizations in Italy, France and Spain.
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