The news agency Reuters has shared a statement from Binance CEO Changpeng Zhao, in which he, along with Bahraini authorities, said that “the license received from Bahrain is our journey to become fully licensed and regulated around the world.” It’s a milestone.” As we mentioned, he further stated that regulatory requirements will protect users with strong anti-money laundering and counter-terrorism financing policies. The statement further added that the license allows crypto-asset trading, custodial service and portfolio management.
In December Binance said that the company was working with the Dubai World Trade Center (DWTC) to help establish an international virtual asset ecosystem there and assist in the development of virtual asset regulations.
Let us tell you, the crypto segment in Dubai will now come under a new regulatory framework. The Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, signed a new law for virtual assets last week. Along with this, the Virtual Asset Regulatory Authority (VARA) has also been created to oversee the crypto segment. It will decide the types of virtual assets, categories and controls to monitor them. VARA has the power to impose fines and punishments on violators of the new law as well as ban business.
The new law requires citizens of Dubai to register with VARA before engaging in crypto-related activities. Businesses dealing with virtual assets, such as crypto exchanges, also need to provide information about themselves to VARA. The purpose of passing legislation related to the crypto segment in Dubai is to enforce international standards and grow this industry. This will also ensure security and transparency for crypto investors. <!–
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