- Bahrain and the United Arab Emirates have embraced an innovation-friendly attitude.
- CBB successfully tested JP Morgan’s crypto payment system in January.
On Wednesday, Binance announced that it had been awarded a license to operate in Dubai, the United Arab Emirates. Earlier this week, Bahrain became the latest Middle Eastern country to provide a crypto service provider license to the corporation. The Dubai virtual asset provider (VASP) license will enable Binance to open an office in the emirate and provide pre-qualified investors and financial institutions digital asset exchange services.
Seven emirates make up the United Arab Emirates (UAE). A new virtual asset exchange (VAX) license has been established in the emirate’s special economic zone, accommodating 22 VASPs. FTX, the first crypto corporation to have one, stated that they were working on it this week. Binance jumped on the bandwagon as soon as its rival did.
Middle East Expansion Plan
This move is part of Binance’s Middle East expansion plan. The crypto exchange said on March 15 that it had received a license to operate in Bahrain, a nation in the Gulf region. The world’s biggest exchange by volume will be able to offer trading, custody, and portfolio management for Bahraini clients as a result of this agreement.
Bahrain and the United Arab Emirates (and Dubai, in particular) have embraced an innovation-friendly attitude and strive for the position as the region’s most crypto-friendly jurisdiction. As a result, CBB successfully tested JP Morgan’s crypto payment system in January of 2022.
As the UAE’s Prime Minister Sheikh Mohammed bin Rashid Al Maktoum put it, the implementation of the new crypto law in March 2022 was a crucial milestone in the country’s continuous efforts to “to help the sector to grow and protect investors.”
