Dubai has granted a virtual asset license to Binance crypto exchange

Following the country's latest legislation regulating digital assets, Binance, the world's largest crypto exchange, has been awarded a license to operate in Dubai.

Binance, the world’s largest cryptoasset exchange, has been granted a license to conduct operations in Dubai.

According to Reuters, the exchange stated that it had received a Virtual Asset license from Dubai's newly founded Virtual Asset Regulatory Authority (VARA), allowing it to perform some of its operations in the region.

The permission comes just one day after Binance was granted a cryptoasset service provider license by Bahrain, the first of its kind from a Gulf Cooperation Council (GCC) jurisdiction.

Binance claimed it would be allowed to "offer limited exchange products and services" to pre-qualified investors and professional financial service providers in Dubai in a statement made after the announcement.

In addition, the exchange announced intentions to establish a blockchain technology hub within the Dubai World Trade Centre (DWTC).

According to the article, the United Arab Emirates (UAE), which serves as the financial hub of the Gulf region, has been attempting to build a virtual asset sector and attract business from the burgeoning crypto industry.

Dubai passed its first law covering virtual assets last week, and VARA was founded to regulate and monitor the crypto business.

Binance announced in December 2021 that it would collaborate with the Dubai World Trade Centre to create an international virtual asset ecosystem in the region.