The Reuters report quoted a statement issued by Binance as saying, “Binance will be permitted to offer certain exchange products and services to pre-qualified investors and professional financial service providers from VARA prior to granting access to the retail market.” All licensed service providers will be monitored.” Binance will also help build a blockchain technology hub at the Dubai World Trade Center (DWTC). Binance has been the target of financial regulators around the world. Some of these have banned specific activities of the exchange and others have warned customers that Binance does not have a license to provide services in their jurisdiction.
The United Arab Emirates (UAE), known as the financial capital of the Gulf countries, is emphasizing on developing the virtual asset segment. This will attract new types of business. Dubai, one of the seven emirates of the UAE, enacted the first law on virtual assets last week and established VARA as a regulator to oversee the segment. 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. 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.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–
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