A slew of enforcement actions against the cryptocurrency exchange in the United States, Binance is shifting its focus to the United Arab Emirates. Alex Chehade, general manager of <a href="https://www.cryptoknowmics.com/news/binance-secures-mvp-licence-from-dubais-virtual-assets-regulatory-authority/" target="_blank" rel="noopener">Binance Dubai</a>, said that the United Arab Emirates is a great place for crypto businesses looking for a clear path forward and noted the country's welcoming attitude toward digital assets.
<h2>Binance's Chehade says the UAE wants to make Web3.0 a reality</h2>
Binance discovered that the UAE's senior leadership wanted to make the region a hub for Web3. According to Chehade, "they’re trying to diversify away from fossil fuels and they see crypto as a great driver for doing so." In the end, the UAE's clear crypto regulations make the region appealing to exchanges like Binance, which is currently engaged in legal disputes with regulators in the United States, such as the Securities and Exchange Commission and the Commodities Futures Trading Commission.

[embed]https://twitter.com/BinanceArabic/status/1669106864645197827[/embed]

Chehade cited the Virtual Assets Regulatory Authority (VARA) of the United Arab Emirates as a major driver of the recent uptick in interest in crypto in the region. He stated, "There is a clear framework for people and businesses to engage with, which you just don't see as much elsewhere." Chehade stated that, in addition to regulation, the influx of young people moving to the UAE may see the region adopt crypto more rapidly than other digital asset hubs.
<h2>U.S. has world's first virtual asset-regulatory environment</h2>
[embed]https://twitter.com/IrinaHeaver/status/1622902878795866119[/embed]

Mriganka Pattnaik, CEO of Merkle Science, also praised the UAE's regulatory environment, noting that VARA, the world's first virtual asset-specific regulator, provides firms working under its jurisdiction with extremely detailed compliance guidelines. According to Pattnaik, "because it’s a smaller, early-stage ecosystem, there is more interaction with the private sector and regulators." Additionally, it is simpler to hire teams or construct a team of 100 individuals who are not all from the region in the United Arab Emirates.

The Full Market Product Regulations issued by VARA include four mandatory, activity-specific rulebooks that establish the guidelines for Dubai-based virtual asset service providers.

Binance Sets Sights on United Arab Emirates as Key Hub for Future Operations

Learn about Binance's strategic plans as it considers the United Arab Emirates as a pivotal focal point for its future operations.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Binance Sets Sights on United Arab Emirates as Key Hub for Future Operations

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