Global crypto exchange Binance has received a virtual asset license in Dubai from a newly formed regulator, reported Reuters. This comes a day after rival platform FTX got its first permit from the city.
The nod comes from the Virtual Asset Regulatory Authority, which was created as part of a new law that took effect earlier this week. This represents “a step that establishes the UAE’s position in this sector,” tweeted Mohammed bin Rashid, the ruler of Dubai who also serves as vice president and prime minister of the United Arab Emirates.
Binance said that it will build a blockchain hub at the Dubai World Trade Center, while FTX will put up a regional headquarters in the city.
This development comes as countries warn citizens against Binance and cryptocurrencies in general, citing uncertainty about spending on the nascent tech. Binance said last year that it was planning to enter Dubai.
FTX recently hit a value of US$25 million after a US$420 million raise backed by Sea Group and Temasek.
See also: The Philippines: Asia’s next crypto hub?
Editing by Miguel Cordon and Eileen C. Ang
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