Cryptocurrency exchange Binance announced on Wednesday that it had been granted a license to operate in Dubai, United Arab Emirates. The company’s presence in the Middle East has been building up lately, with a crypto service provider license in another Gulf market, Bahrain, coming in earlier this week.
Under the Dubai virtual asset provider (VASP) license, Binance will be allowed to set up an office in the emirate and provide digital asset exchange services to pre-qualified investors and financial firms under the newly adopted regulatory guidelines.
Dubai is one of the seven emirates constituting the federation of the UAE. It accommodates 22 VASPs, with a new virtual asset exchange (VAX) license introduced in the emirate’s special economic zone. The first crypto company to get one was FTX, which announced the development earlier this week. Binance followed the steps of its competitor almost immediately.
As the geographic and economic lynchpin of the Middle East, worldwide investors see the United Arab Emirates (UAE) as a vital element of their operations
Opening a Dubai offshore business is an ideal, tax-efficient, and cost-effective corporate structure for crypto exchange companies who wish to conduct international trade.
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