Dubai"s New Virtual Asset Regulator Licenses Crypto Exchanges Binance, FTX
Dubai’s Virtual Asset Regulatory Authorityhas licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets. Dubai Licenses Binance and FTX
Cryptocurrency exchanges FTX and Binance have been licensed by Dubai’s Virtual Asset Regulatory Authority (VARA). The regulator was established last week when the first law to regulate crypto assets was adopted in Dubai.
Binance announced Wednesday: We have been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA).
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,” the company explained.
“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 revealed: In addition to exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre.
This week, Binance also said that it has obtained a full license from the central bank of Bahrain.
The Dubai Virtual Asset Regulatory Authority has also approved the European arm of FTX exchange. The company said earlier this week that FTX Europe & MENA has become the first crypto 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).”
FTX detailed: As an anchor within Dubai’s programme to drive progressive global VA regulatory frameworks, FTX Europe becomes the first fully regulated VA exchange to trial complex crypto derivatives dedicated to professional institutional investors within a reputed international jurisdiction.
FTX CEO Sam Bankman-Fried commented: FTX is proud to be the first licensee under Dubai’s prudential supervision regime.
Similar to Binance, FTX explained that the license allows it “to operate within Dubai’s ‘test-adapt-scale’ VA market model which has rigorous regulatory oversight and mandatory FATF [Financial Action Task Force] compliance controls.” Tags in this story Binance, Dubai, dubai crypto exchanges, dubai license, ftx, Sam Bankman-Fried, vara
What do you think about Binance and FTX expanding in Dubai? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Senators Introduce Crypto Sanctions Bill — Expert Says It"s Overbroad, Unconstitutional REGULATION | 6 hours ago EU Regulators Warn Crypto Unsuitable as Investment or Means of Payment for Most Retail Consumers REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Senators Introduce Crypto Sanctions Bill — Expert Says It’s Overbroad, Unconstitutional Next articleUkraine’s Largest Bank Suspends Money Transfers to Crypto Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report
India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.Binance Explores Acquisition of Brazilian Securities Brokerage Firm Aptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System BNDES Director Offers New Insights on Development of Brazilian Blockchain Network UAE Hospitality Brand Stella Stays Now Accepts Crypto