Binance, the leading global blockchain services provider, announced on Tuesday, that it has received the Minimal Viable Product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This is following the issuance of the company’s provisional license in March 2022.
“We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable,” said Helal Saeed Almarri, Chairman of VARA.
“The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy,” he added.
The MVP license allows Binance to offer an approved range of virtual asset-related services to suitably qualified retail and institutional investors in Dubai within its internally benchmarked legislative framework.
Binance will now cater to a clientele approved by VARA who can now benefit from the local banking channels by this regulatory license. Users will also benefit from increased levels of consumer protection by trading on a regulated platform under authority supervision.
The services that will be provided to qualified customers include virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering & trading services and virtual assets payments & remittance services.
“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai,” said Changpeng Zhao (CZ), founder and CEO of Binance.
“Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration,” said Alexander Chehade, Binance Dubai General Manager.
VARA was established in March of this year, to regulate virtual assets, the authority aims to protect investors and set international standards for the virtual assets industry to enable responsible business growth in Dubai.
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