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Binance Granted MVP Licence To Boost Its Presence In Dubai

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Binance, the world’s leading crypto exchange, has been issued the Minimal Viable Product [MVP] license from Dubai’s Virtual Asset Regulatory Authority [VARA], per local reports. Bahamas-based FTX subsidiary FTZ was the first recipient of the MVP VASP license back in July 2022.

The MVP license allows Binance to operate inside Dubai’s legal framework for virtual asset service providers [VASPs], providing a range of virtual asset-related services to appropriately qualified institutional and retail investors.

The permit would also facilitate the blockchain services provider to open a client money account with a domestic bank and provide the following services.

Customers can now take advantage of the local banking channels made available by this first-of-its-kind regulatory licensing as Binance will serve a clientele certified by VARA. Trading on a regulated platform under the direction of VARA in Dubai will also provide users with higher levels of consumer protection.

The license is a big achievement that comes after several registrations for Binance’s local branches across Europe in Italy, France, and Spain as well as in the MENA area.

Welcoming the move, Changpeng Zhao a.k.a CZ, founder, and CEO of Binance, stated that this registration is an acknowledgment of its compliance and safety processes in the new regulatory framework and would work closely with industry peers to develop consistent implementation standards.

Recently the top exchange teamed up with a UAE-based company formation and business support services provider Virtuzone, encouraging new entrepreneurs to set up businesses in the nation using cryptocurrencies.

Binance Adds Another UAE Entity Into Its Payment Getaway

After incorporating Binance Pay into its payment gateway, Virtuzone joined the list of well-known entities like JA Resorts & Hotels and Majid Al Futtaim to accept cryptocurrency, in the west Asian nation.

Binance‘s ties to the Gulf nation have become stronger lately as the UAE attempts to position itself as the world’s newest center for digital assets and creates rules.

Last December, the world’s largest crypto exchange by trading volume, announced that it was considering Dubai for its potential headquarters and hired over 100 positions in the United Arab Emirates, its regional head then said.

Dubai, one of the seven emirates in the UAE, established the Virtual Asset Regulatory Authority in March and published the first law governing digital assets [VARA].

Besides Binance, it issued licenses to fellow global powerhouse FTX Europe, and businesses like crypto.com are opening offices there.

Dubai Luxury Real Estate Firm Concludes Crypto Deals Worth $50M Since 2022

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Dubai has been making rapid strides as a leading digital asset hub. Recently, one of its home-grown luxury real estate development firms, DAMAC Properties, has completed cryptocurrency deals worth $50 million, since the start of 2022, its chief operating officer Ali Sajwani revealed.

Speaking in an interview, the COO said by accepting either Bitcoin [BTC] or Ethereum [ETH] as payment, DAMAC has shown the extent to which the firm will go in order for it to “benefit from the most advanced technology solutions.”

The COO was also asked about the payment mechanism that would be used to strike the real estate deals. He then stated that a trusted intermediary had been chosen to facilitate the transactions.

The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, where the customer pays the value of the property in bitcoin or Ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars.

Sajwani added that his firm’s usage of a trusted financial intermediary means DAMAC Properties will be able to eliminate the price fluctuation risk.

Dubai -The Honeypot For Crypto Powerhouses

Dubai’s top financial regulator- The Virtual Assets Regulatory Authority [VARA] has granted CryptoCom provisional approval to set shop in the UAE’s most populous city, a few days back.

In another bullish move recently, a Dubai hotel, The Manor in partnership with Binance has added crypto payments which guests can use Binance coin [BNB], Bitcoin [BTC], or Ethereum [ETH] to pay for the hotel fare.

The hotel has incorporated the payment gateway which is managed by Binance to enable these asset payments.

Not only that, the emirate has become an attractive destination for many crypto bigwigs such as Bybit and crypto.com who have shifted their bases to the region.

Industry veteran crypto hedge fund firm Three Arrows Capital in April also pledged to move its headquarters from Singapore to Dubai. Co-founder Su Zhu cited “electric energy” in Dubai’s digital asset industry at the time.

Dubai Real Estate Giant Now Accepts Payments in BTC and ETH

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A Dubai-based firm stated that allowing cryptocurrencies to be used to purchase real estate will revolutionize the industry’s future. It will also offer simplicity and flexibility to real estate investors worldwide.

On Wednesday, Damac Properties, a real estate developer, revealed that it would offer properties in exchange for cryptocurrencies Bitcoin and Ethereum.

“This shift toward clients holding cryptocurrency is one of our endeavors to advance the new economy for younger generations and the future of our business,” Ali Sajwani, Damac’s general manager of operations and leader of the company’s digital transformation projects, said.

“It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognise the value this technology brings to our customers.”

Dubai – a growing crypto hub

In the United Arab Emirates, cryptocurrency usage is growing exponentially. Bake N More and delivery firm YallaMarket, both located in Dubai, recently announced that they would accept bitcoins as a form of payment.

The UAE’s drive to grow the crypto business has recently attracted significant corporations. Major crypto exchanges are relocating their headquarters to Dubai due to the government’s decision to award virtual asset licenses under the Dubai Virtual Assets Regulatory Authority.

Dubai is on the verge of becoming a crypto powerhouse. The Emirate is also promoting other virtual assets with crypto-friendly policies.

Crypto.com and Singapore-based Bybit, the world’s two largest cryptocurrency platforms, announced intentions to establish regional and global headquarters in Dubai in March.

Damac, data center business Edgnex, luxury jeweler de-Grisogono, and fashion label Roberto Cavalli revealed a proposal to enter the metaverse and create their own digital towns earlier this week. The company intends to invest up to $100 million in the project.

Ali Sajwani will direct the group. It will operate under the name ‘D-Labs.’ The project is part of its more extensive plans to go into digital assets and non-fungible tokens (NFT).

The chasm between the bitcoin and real estate markets has been closing quicker than anticipated! Before purchasing a home, many consumers had to convert their cryptocurrency into US dollars. The circumstance, though, has most likely altered.

Cryptocurrencies Including Bitcoin and Ethereum Accepted as Fees in this School in Dubai

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Following the global acceptance of cryptocurrencies, a new school in Dubai has revealed ambitions to accept the fledgling asset class as a means of tuition payment.

Parents and guardians will be able to pay tuition fees for their children in Bitcoin (BTC) and Ethereum, according to local news site Zawya.

Citizens School, which is set to open in September 2022, has stated that parents and guardians will be able to pay tuition fees for their children in Bitcoin (BTC) and Ethereum (ETH).

This is the first time that parents in the Middle East will be able to pay for education with digital currency.

Cryptocurrencies will revolutionize the educational sector

Citizens Schools established a cooperation with a cryptocurrency payment provider that would aid in the translation of all bitcoin and Ethereum payments to Dirhams, with the goal of providing more flexible payment options for parents.

Citizens School, which will open its doors in September 2022, will accept payments in the two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), giving parents a variety of payment alternatives.

Citizens School will also accept traditional means of payment as well as interest-free monthly payment alternatives.

Cryptocurrency payments are accepted through a partnership with a digital currency company that processes cryptocurrency payments and converts them to Dirhams immediately (AED).

“Introducing the possibility to pay tuition fees using cryptocurrency goes beyond merely giving another payment option,” said Hisham Hodroge, CEO of Citizens School.

“Its goal is to pique people’s interest in emerging trends and game-changing technology that will have a significant impact on the lives of future generations. It’s also a way to pique interest in blockchain technologies, which Citizens School plans to use in the future across numerous parts of its academic and administrative operations.”

Educational institution showing their drive towards the acceptance of cryptocurrencies is a big leap toward global adoption. Last month a South Korean university announced that it will be issuing NFT degrees to its students.

Global acceptance of crypto is nearing. Countries and institutions that fail to realize their true potential will fall behind.

Binance Gains Foothold In Bahrain and Dubai

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Leading crypto exchange Binance would now be able to offer its service in Bahrain and Dubai. As per sources, the world’s largest digital-asset platform was granted a license from the Central Bank of Bahrain [CBB], to set up shop in the region, increasing its footprint in the Middle East. The news assumes significance as it is Binance’s first such regulatory approval in the Gulf area.

The permit will enable the crypto firm to provide digit-asset trading, custodial services, and portfolio management to customers under the supervision of the Bahrain regulators. As per a Bloomberg report, the cryptocurrency exchange also obtained a license to be the first anchor in Dubai World Trade Centre, an economic free zone. Speaking on the same, CEO Changpeng Zhao a.k.a CZ stated,

“This landmark achievement for Binance represents our first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf [GCC] and demonstrates our commitment to being in regulatory compliance as the first of its group of companies in the region.”

Binance eyeing opportunities in non-crypto industries

In a back-to-back development, the global crypto exchange signed a Memorandum of Understanding [MoU] on 14 March seeking to explore the acquisition of Brazilian securities brokerage Sim;paul Investimentos. According to the company’s website, Sim;paul founded by João Silveira in 2019 is a securities brokerage firm regulated by both the Central Bank of Brazil and the Securities and Exchange Commission [CVM].

As stated in the press release, the move is intended to further develop the cryptocurrency and blockchain ecosystem in Brazil. On establishing the formal agreement, CZ noted,

“In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives and as such, we believe in full collaboration with local authorities that Binance has a lot to contribute in developing the community and ecosystem in Brazil.”

Having said that, completion of the transaction would require a green signal from the administrative authorities, including the Central Bank of Brazil. Previously in August, Binance had to halt trading of crypto derivatives products such as futures contracts on its Brazilian platform to comply with local regulations.

Dubai Approves Virtual Assets Regulatory Authority to Regulate Crypto Assets

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Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, and vice president, announced the passage of new legislation regulating virtual assets such as cryptocurrencies and NFTs.

For some years, the UAE has been at the vanguard of crypto and blockchain adoption, and it is trying to cement its place as a key global financial hub.

Due to the bill, Dubai seeks to develop an advanced legal framework that protects investors and establishes worldwide standards to manage the virtual asset business.

Dubai’s virtual asset regulatory authority

According to a government statement, the Dubai Virtual Asset Regulatory Authority (VARA) will function as an associated agency of the Dubai World Trade Center.

It will focus on compliance and disclosures of virtual asset service providers in the United Arab Emirates (UAE). The new body will also be in charge of the UAE’s cryptocurrency licensing system.

Only companies with a commercial presence in the UAE will be eligible for these crypto licenses. VARA will oversee the operations of custodians and asset managers in the cryptocurrency field in addition to crypto exchanges.

The statement on Wednesday backs up previous claims that Dubai officials were working on establishing a virtual asset licensing framework by the end of the first quarter.

According to rumors at the time, the expansion was the result of a cooperation between Binance, the world’s largest cryptocurrency exchange, and the Dubai World Trade Center.

Dubai decides to rule crypto sector

The UAE has been wooing the virtual asset business for years, and its banks have a history of experimenting with blockchain technology. But this is the first time the government has made an official attempt to regulate the sector on a large scale.

Since mid-2021, the Financial Centre has been considering virtual asset regulation, although it is still in the consultation stage. The world’s largest cryptocurrency exchange, Binance, is not regulated in the United Arab Emirates, although it is in Bahrain.

The tiny island country surrounded by two oceans is making a serious play for the UAE’s spot as the world’s premier virtual asset hub. Bahrain enacted crypto banking regulations in 2019 and licensed its first cryptocurrency firm.  

Dubai World Trade Centre progresses into Crypto

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Dubai that was once known for the 3Ts- Tourism, Trade, and Transport is now adding the 4th T- Technology.

Dubai World Trade Centre (DWTC) marks its expansion in the world of Crypto as an exchange platform and a regulator to virtual assets and cryptocurrencies including digital assets, products, operators, and exchanges. This move broadens the idea of the progression of UAE as the leading global center for business, trade, and technology.

Dubai World Trade Centre (DWTC) will become a comprehensive zone

As a part of the Government’s efforts to create new economic sectors, DTWC will be designing a comprehensive ecosystem for this progressive sector.

The emirate owned media house, on Monday, 20 December 2021, in a press release announced that DWTC will be collaborating with private sectors and relevant entities within the city to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.

The government of Dubai media office has also announced their development about adopting new trends such as NFTs.

“The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”

According to the source, this progression advances Dubai’s stance as the leading global center for business, trade, and technology. DWTC will over a top-notch administrative structure of Virtual Asset legislative and enforcement policies that will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in the city. 

Dubai and UAE on the whole are known for their welcoming attitude towards digital assets and blockchain technology this sort of rampant developmental advancement, Dubai is at the forefront of the UAE’s attempts to diversify the economy and reinvent itself as a global hub for tech and innovation.

UAE regulators signs deal with Dubai authorities to support crypto trading

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The UAE Securities and Commodities Authority approved a major deal with the Dubai World Trade Centre Authority [DWTCA] to encourage the trading of cryptocurrency assets in the free zone as the country continues to strengthen its digital economy.

Under the framework of the deal, the DWTCA will be able to issue the mandatory approvals and licenses to handle crypto assets-related financial activities. The initiative will also allow the Dubai authority to augment its existing business licenses, services, and incentives. On the other hand, SCA will manage important crypto-focussed activities, such as issuance, listing, trading as well as licensing processes.

UAE embracing blockchain to foster digital-led economy

Dr. Maryam Al Suwaidi, Acting CEO of SCA stated that the agreement comes in response to directives from Abdulla bin Touq Al Marri, who happens to be the Minister of Economy and SCA Board Chairman, in a bid to improve collaboration and exchange knowledge and expertise with different government departments, authorities, and institutions to work together and accomplish common objectives. The exec also added,

“The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

This isn’t the first time that the two prominent UAE authorities have joined forces. Earlier in May, the DWTCA and the SCA had entered a similar agreement to spur the crypto industry development in the Dubai Airport Free Zone Authority.

While admitting that the UAE has been at the forefront of blockchain research and implementation, Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing [DTCM] revealed that the latest move is in line with the Emirates Blockchain Strategy. In addition to that, the Bitcoin Fund was listed on the Nasdaq Dubai exchange in June this year, marking the first of its kind to trade in the region.

Al Marri also touched upon the subject of increasing hype over non-fungible tokens [NFTs] and added that innovations such as this will play a crucial role in the future of commerce and that the DWTCA is exploring ways to provide a sustainable home for this ecosystem.

Dubai’s Financial Watchdog Keen On Developing Regulatory Regime For Cryptocurrencies

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Cryptocurrencies have taken the center-stage yet again thanks to the present bull run. In the latest news, Dubai Financial Services Authority [DFSA] has announced its plans to introduce cryptocurrency regulatory frameworks as part of its business plan brochure for the years 2021 to 2022.

According to the company release, the regulatory watchdog is keen on enhancing the region’s cryptocurrency-related regulations with the upcoming framework to expand its regulation of digital asset issuers and associated trading platforms.

Dubai financial agency revealed that the cryptocurrency framework will essentially include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin.

Peter Smith, who happens to be the head of strategy, policy, and risk at the Dubai Financial Services Authority, revealed that the financial regulatory agency of the special economic zone intends to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange [or payment] tokens, such as cryptocurrencies [and] the firms that provide relevant services in these markets.

Its official paper titled ‘DFSA Business Plan 21-2’ stated

“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models. “

The plan further read,

“In doing so, we intend to take a regulatory approach that facilitates innovation while requiring strict adherence to the DFSA’s licensing, prudential and conduct requirements”

Dubai Financial Services Authority’ss business plan did not divulge any details about a potential timeline for introducing the regulations. However, Bryan Stirewalt noted that the regulatory watchdog would continue to pursue regulatory changes in this area in a bid to maintain the right balance between promoting innovation, while simultaneously protecting investors as well, through the development of a Digital Assets regime.

The DFSA license has slowly become quite popular among the financial services provider and several established players in the industry across the world have gained the license over the past couple of years for the purpose of managing their Middle East operations.

Cryptocurrency ecosystem in UAE

A quick primer: Prior to Dubai Financial Services Authority’s latest news, it was over two years ago that the UAE’s first cryptocurrency-focused rules emerged. The Financial Services Regulatory Authority [FSRA] of the Abu Dhabi Global Market released official guidance on cryptocurrencies, exchanges, and initial coin offerings [ICOs] back in June 2018. Following this stint, the FSRA continued to actively participate with the crypto ecosystem and even gave green light to many firms in the space.

Blockchain Tech To Get A Boost As Deputy Ruler Of Dubai Announces Change In Govt Services

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Blockchain technology is undoubtedly on a global takeover. Mainstream companies and the government were spectators for many years. However, everyone is now on the same bandwagon. While companies have been incorporating blockchain technology for the elevation of their business and technological advancement, governments have been making sure to serve their citizens with this adoption of this technology.

Dubai Steers Towards Digitalisation

Dubai has been lauded for its incorporation of blockchain technology. The city had previously implemented blockchain tech across several sectors including tourism, educations, finance, commerce, health, real estate, security as well as transportation. The latest news from the city could give the technology a boost. The Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed revealed that the government would be implementing drastic changes with innovation as a forefront.

In a recent meeting, he said,

“We are working together to explore new opportunities and provide new mechanisms for government service delivery, keeping in mind the current and future needs of customers.”

The Deputy Ruler intends to offer better as well as efficient services to the customers and veering their focus towards technological innovation could steer things up for the residents.

While Dubai’s implementation of WiFi, smart power grids as well as blockchain technology has already put the city on the top, it still intends to keep climbing up that ladder. Earlier this year, the Middle Eastern city revealed that it expects to be a city that is fully powered by blockchain by 2021. While this would make Dubai the first of its kind, the government of Dubai has over 24 blockchain use cases.

Sheikh Maktoum further added,

“The next phase will see a radical transformation in the operating models of government services. There will be an increased focus on innovation aimed at simplifying the customer journey and integrating the delivery of key services as part of reinforcing Dubai’s status as a preferred global lifestyle and investment destination.”

While Dubai’s latest decision could accelerate the adoption of crypto across the world, several countries like Australia have already been working towards the incorporation of blockchain tech.