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Digital currency exchanges Binance and FTX have been licensed by Dubai’s Virtual Asset Regulatory Authority. Notably, the regulator was established last week when the 1st law to regulate virtual assets was adopted in Dubai.
Binance recently announced,
“We have been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA).”
The exchange elucidated that with this license,
“Binance will be able to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.”
It added,
“All licensed VARA service providers will be monitored progressively to open access to the retail market,”
Binance noted, adding that in the future, it
“will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.”
Binance further divulged that apart from the exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Center.
The Dubai Virtual Asset Regulatory Authority has also approved the European arm of FTX exchange. Earlier last week, the exchange mentioned that FTX Europe & MENA has become the first digital asset exchange to obtain a license from VARA “to establish and operate its virtual asset (VA) exchange and clearinghouse services in Dubai, United Arab Emirates (UAE).”
Last week, Binance also mentioned that it has obtained a full license from the central bank of Bahrain.
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