Crypto and blockchain provider Binance has received its minimal viable product (MVP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).

Binance can now offer virtual asset related services to suitably qualified retail and institutional investors in Dubai.

The services will cater to a clientele approved by VARA who will benefit from increased levels of consumer protection, Binance said.

“The transition to an MVP licence from a provisional licence, which was issued earlier this year, means Binance can open a client money account with a domestic bank,” a statement from the company added.

The company can also provide virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer, custody and management of virtual assets, virtual token offering and trading services as well virtual assets payments and remittance services, the statement said.

VARA was established in March 2022 under the Dubai Virtual Asset Regulation Law, the first law of its kind to regulate virtual assets.

Alexander Chehade, Binance Dubai General Manager, noted: “Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services including local banking capabilities and enhanced products.”

(Writing by Imogen Lillywhite; editing by Seban Scaria)