Binance is recruiting over 100 positions in the United Arab Emirates (UAE) and is helping to shape Dubai’s new virtual assets’ regulations, its regional head said.
The leading crypto exchange’s links with the Gulf state have deepened in recent months as the UAE tries to style itself as the world’s new digital assets hub and develops regulations.
“It is a very progressive framework and we are very happy to be part of that process, working very closely with the Dubai government,” said Richard Teng, Binance’s MENA head. “I wish more regulators globally adopt this approach that Dubai has – a public-private sector partnership.”
The crypto firm has been granted a license to conduct some operations in Dubai, announced on March 16. The Virtual Asset License enables the world’s biggest crypto exchange to operate within Dubai’s ‘test-adapt-scale’ virtual asset market model as a base for expansion into the region.
“Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, which includes rigorous regulatory oversight and mandatory FATF compliance controls, Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market,” according to Reuters.
“Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market,” Binance said in a statement.
Founder and CEO of Binance CZ said: “High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry, which is why our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Virtual Asset Regulatory Authority.”
“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security. The collaborative way in which Binance has been engaged to bring proven industry compliance leading experience to the Dubai ecosystem is indicative of the unique operating model that the VARA is creating for the global industry.”
The firm will establish a blockchain technology hub in the Dubai World Trade Centre in cultivating fresh talent and creating a thriving blockchain ecosystem.
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