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In the midst of a Middle East push, Binance is in talks to obtain a Dubai license, according to reports

  • Dubai has just passed its first law covering virtual assets.
  • Bloomberg reported Wednesday that Binance Holdings is in talks to seek a license to operate in Dubai, citing a source familiar with the situation.
  • According to Bloomberg’s source, the crypto exchange, which is the world’s largest by trading volume, is in talks with the Dubai World Trade Centre free zone to obtain a license to operate as a virtual asset service provider.
  • Binance and the Dubai World Trade Centre Authority (DWTCA) struck an agreement in December to assist create Dubai as a new industry centre for Global Virtual Assets.

Binance CEO Changpeng Zhao hailed Dubai’s passage of its first law governing virtual assets, which includes the establishment of a regulator to monitor such assets, in a tweet on Wednesday morning. “It’s critical to have regulatory clarity. “The new Dubai virtual asset law is a huge step forward,” Zhao stated.

According to Bloomberg, Binance has already gained preliminary approval from Bahrain’s central bank to become a crypto asset service provider.

A request for more information from Binance was not immediately returned.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.


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