Binance, a leading global platform, today announced the licensing of the establishment and operation of virtual property trading services, which allow the Dubai Virtual Property Market to operate on a “development, approval and scale” model. It is relying on Dubai to enter the market to expand its presence in the region.
Binance has been licensed to conduct its operations within the Dubai Virtual Asset Regulatory Authority’s initial regulatory framework, which includes strict regulatory oversight and mandatory compliance with the Financial Action Task Force (FATF) regulations.
Licensing allows the leading global platform to offer limited business products and services to pre-authorized investors and specialized financial institutions. All service providers licensed by the Dubai Virtual Assets Regulatory Authority are constantly monitored to pave the way for individual traders to offer their services.
In addition to its operations in the virtual property business sector, Binance will establish a center for blockchain technologies at the Dubai World Trade Center to support new capabilities and create a leading ecosystem in the industry at the Emirate.
Commenting on the topic, Binance’s Founder and CEO, Changping Zhao said: “The development and advancement of global virtual assets and blockchain technologies is related to the implementation of top-level regulation and ensuring compliance by various parties. Our team must work hard to prove that it violates.
He added, “Binance appreciates the importance of granting this license in the midst of this growing regulatory environment aimed at enforcing strict standards to ensure market governance and security. Is clear evidence of the unique operating model provided.
For his part, the Director General of the Dubai World Trade Center Commission, Helal Saeed Al Marri, said: “The Dubai New Virtual Property Regulatory Commission confirms Dubai’s confidence in the broader potential of this sector and the motivation to promote it. Encouraging kind of collaboration, promoting innovation and safeguarding the public interest is the most important aspect of this. Based on shared liability.
Dubai is the first global economy to implement a regulatory mechanism that specializes in virtual assets, and will form this body under the supervision of the Dubai Virtual Assets Regulatory Commission, a group of innovative and credible global leaders. The virtual property trade license granted to Accounting by the Dubai Virtual Asset Regulatory Authority ensures that it can manage its regional operations from within the recently announced regulatory environment subject to a comprehensive set of laws and policies applicable worldwide.
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