The United Arab Emirates continues to move towards becoming a cryptocurrency hub by providing In-Principle Approval for the cryptocurrency exchange Binance.
Binance received Principal Approval from Abu Dhabi Global Market’s Financial Services Authorization, after obtaining a limited crypto-asset license in Dubai.
With the new license, Binance will be able to operate as a broker-dealer for cryptocurrencies within legal limits.
ADGM, the International Financial Center in the UAE capital, introduced “the world’s first comprehensive and robust virtual asset regulatory framework in 2018”. This is a move in line with the country’s plans to become a cryptocurrency hub.
Binance received a limited license in Dubai last March to operate as a cryptocurrency exchange under certain conditions. CryptoCom and FTX also acquired similar licenses.
Talking about Principal Approval, Abu Dhabi Global Market CEO Dhaher bin Dhaher said he is “pleased” with Binance’s endorsement and is “excited” to support the company in expanding its presence in Abu Dhabi.
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