Dubai: The UAE and Bahrain’s virtual asset laws place MENA markets at a competitive advantage for cryptocurrencies and trading in them. This will add greater depth to this marketplace, according to a senior official with Binance, the world’s biggest crypto trading platform.
“(Dubai’s) VARA license allows us to onboard clients and fit their criteria globally,” said Alex Chehade, General Manager for the MENA territory. “(In Abu Dhabi), ADGM (allows to) onboard clients from almost all countries, except those sanctioned. Bahrain is similar.
“We reach out proactively to all regulators and during dialogues with each, we understand more about what they expect from us.
In Dubai, the Virtual Assets Regulatory Authority has been busy with enabling rules that expand the scope of those companies licensed with it. April 30 is the deadline for all ‘initial disclosure questionnaires’ to be answered by companies offering crypto-related products and services. This applies to those related entities licensed by free zones too.
There’s always going to be new tokens created in cryptocurrency. That’s the nature of the beast. It’s relatively easy to set up a token, but to get it to a large size, takes a lot of work and a large community. Picking up those licenses in Abu Dhabi, Binance has a crypto custody license, and the VARA licenses cover crypto exchange, crypto custody, brokerage, and crypto payment. “That’s the majority of our business, Binance’s core business is exchange,” said Chehade.
The company is going through some intense federal scrutiny in the US related to possible trading using the platform’s non-US operations by its US clients. Through this period, Binance has managed to insulate the rest of its global operations from the US investigations.
عبدالرحمان زمین پیما
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آرمان جعفری
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