Binance plans to get a license to work in the UAE – Bits Media

Binance cryptocurrency exchange is negotiating with the free zone of the Dubai World Commerce Center for Work License as a Virtual Activa Service Service.

Last year, Binance received the approval of the Central Bank of Bahrain to conduct activities in the country. According to the unnamed source Bloomberg, Now the exchange has begun to implement the next stage to expand its presence in the Middle East and announced the beginning of negotiations on obtaining a work license in Dubai. Binance CEO Changpeng Zhao (Changpeng Zhao) expressed the approval of the Dubai administration for the adoption of the law, regulating virtual assets.

“The clarity of regulation is very important. The new law on virtual assets in Dubai is a big step forward ", - he wrote.

This month, the Dubai authorities approved the law on virtual assets and formed a new agency, which will regulate the cryptocurrency industry. Within the framework of the approved Law, the Office for the Regulation of Virtual Assets of Dubai was created (BE), which will control the turnover of crypto assets in the UAE, Provide the protection of personal data of users, as well as monitor cryptocurrency platforms and digital wallets.

For Dubai, this step has become part of the state program to attract the world's largest cryptocurrency companies in the country. The United Arab Emirates are ready to issue federal licenses for suppliers of virtual assets services by the end of the first quarter 2022 of the year. According to Chainalysis, Since July 2020 years to June 2021 The UAE years became the third largest cryptocurrency market in the Middle East with the volume of transactions about $26 billion, Having lost to Turkey and Lebanon.