Binance, the leading global blockchain services provider, has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Binance, the world’s leading provider of blockchain services, announced that it has been awarded a Minimum Viable Product (MVP) license by the Dubai Virtual Assets Regulatory Authority (VARA).
Previously, Binance had obtained a temporary license in March 2022.
Obtaining the MVP license means Binance can provide licensed virtual asset-related services to eligible individual and institutional investors in Dubai within Dubai Benchmark International’s legislative framework for Virtual Asset Service Providers (VASP).
After obtaining the license, Binance will adhere to the principle of investor and market protection, provide services to VARA-licensed customer groups, and allow customers to enjoy the convenience brought by local banking service channels.
Under the supervision of VARA Dubai, conducting transactions on compliant platforms will significantly increase consumer protection.
After the transition from the temporary license obtained at the beginning of the year to the full license, Binance can open customer cash accounts in domestic banks and offer the following services to eligible customers:
- Virtual asset trading service.
- Exchange between virtual assets and fiat currency.
- Virtual asset transfer.
- Virtual asset custody and management.
- Virtual token products and trading services.
- Virtual asset payment and remittance services.
VARA was established in March 2022 under the Dubai Virtual Assets Regulation Act, the first virtual asset regulation law.
VARA is committed to establishing an advanced legal framework to protect investors and set international standards for the virtual asset industry, enabling the industry to standardize its development in the UAE.
In the Middle East and North Africa region, as well as European countries such as Italy, France, Spain, Binance has completed a series of local operation registration regulatory licenses, and obtaining the license in Dubai is a major milestone.
This also shows that Binance hopes to become a trading platform with regulatory leadership, good compliance, and high security, and will give top priority to protecting consumers and maintaining market integrity.
The Dubai Virtual Assets Regulatory Authority (VARA) is the world’s first regulator dedicated to the virtual asset industry.
VARA was established in March 2022 under Law No. 4 of 2022 and is mainly responsible for the licensing and regulation of the virtual asset industry in the Emirate of Dubai and its free zone territories (except Dubai International Financial Centre), and oversees all virtual asset activities under UAE law.
Licensing requirements and applications.
While supporting the vision of a borderless economy, VARA has played an important role in establishing an advanced legal framework, protecting investors, and setting international standards in the governance of Dubai’s virtual asset industry.