- 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.
Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward. https://t.co/qIMFjMiSUv
— CZ 🔶 Binance (@cz_binance) March 9, 2022
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.
