Binance Holdings Ltd is currently in the process of obtaining a license to operate in Dubai, further strengthening its presence in the Middle East.

This was reported for the first time before Bloombergciting a person familiar with.

Binance expects to obtain accreditation to operate as a service provider in the Dubai World Trade Center Free Zone as soon as possible.

This comes after the European Union clarified that digital currencies are subject to the sanctions imposed by them on Russia and Belarus.

The UAE recently issued a new law regarding the management of various virtual assets.

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Sheikh “Mohammed bin Rashid Al Maktoum” is trying to push the Arab country forward to become a global crypto hub.

“CZ”, CEO of Binance, commented on the new law issued in Dubai and retweeted Sheikh “Mohammed”, and said:

Regulatory clarity is very important.

This new virtual asset law in Dubai is a huge step forward.

In December last year, Binance signed an agreement with the Dubai World Trade Center Authority (DWTCA) to develop and establish it as a global hub for various global virtual assets.

This authority will oversee the issuance and trading of virtual assets, and companies that provide crypto services will first have to obtain their approval.

In addition, the new regulatory entity will also monitor transactions and prevent hypothetical price manipulation of cryptocurrencies.

The UAE took a proactive stance on crypto assets a few years ago.

For example, the Dubai International Financial Center established a blockchain court in 2018.

Richard Teng, head of the Middle East and North Africa region at Binance, said in a statement:

We welcome this important development.

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We continue to work closely with the Dubai World Trade Center to help position Dubai as an advanced global regulatory environment for cryptocurrency.

Binance was founded in China but has not yet established a global base and headquarters.

In recent months, Binance executives have been in talks with regulators in the UAE about a possible headquarters in the country.

The UAE is the third largest cryptocurrency market in the Middle East, after Turkey and Lebanon, with a transaction volume of about $26 billion, according to Chainalysis data, which was collected and analyzed between July 2020 to June 2021.

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