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Binance Holdings Ltd. is currently in deliberations over a license to operate in Dubai, thereby boosting its presence in the Middle East.
This was first reported by Bloomberg, citing a ‘person familiar with the matter’.
- Binance anticipates an accreditation to operate as a service provider in the Dubai World Trade Centre ‘free zone’ as soon as possible. This comes after the EU clarified that crypto ‘is falling under the sanctions imposed by them upon Russia and Belarus’.
- The country recently passed a new law regarding the governance of various virtual assets.
- Sheikh Mohammed bin Rashid Al Maktoum is attempting to propel the Arab State forward as the preeminent global crypto hub.
“Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward”, Binance CEO Changpeng Zhao said in a retweet of Sheik Mohammed’s regarding the city’s future in Crypto.
- In December last year, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to develop and establish it as a global hub for various virtual global assets.
- This authority will oversee the issuance and trading of virtual assets and companies providing crypto services will first have to gain its approval.
- Additionally, the new regulatory entity will also “monitor transactions and prevent virtual asset price manipulation.”
- The UAE state has taken a proactive stance on crypto assets for a few years. For example, the Dubai International Financial Center established the “Court of Blockchain” in 2018.
“We welcome this important development,” Richard Teng, head of MENA for Binance, said in a statement. “We continue to work closely with the DWTC to help establish Dubai as a world-class and progressive crypto regulatory environment”.
- The company was founded in China but hasn’t set up a global base yet. In recent months, Binance executives have held talks with regulators in the UAE about a potential headquarters in the country.
- The UAE is the Middle East’s third-largest crypto market, trailing Turkey and Lebanon, with a transaction volume of about US$26 billion, according to data from Chainalysis, compiled from July 2020 to June 2021.