Dubai’s Virtual Assets Regulatory Authority (Vara) has awarded a minimal viable product (MVP) licence to crypto exchange Binance.
The decision will enable Binance to offer a range of virtual asset trading services to qualified retail and institutional investors in Dubai.
It comes six months after Binance was issued with a provisional licence in March 2022.
This was one of the first actions of Vara which was established that same month to act as an independent authority to oversee the development of Dubai’s virtual assets market.
“The MVP Phase is designed for select global players across the value chain that are committed to responsible industry participation and Vara looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy,” said Vara chairman Helal Saeed Almarri.
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