City Dubai Financial News

Crypto exchange Binance received a Minimal Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), enabling the crypto exchange to offer a range of virtual asset services to qualified retail and institutional investors, the company disclosed on Tuesday.

Dubai’s Virtual Asset Regulatory Authority (VARA) hasgranted the Minimal Viable Product (MVP) license to the world’s largest cryptocurrency exchange, Binance, following which it can offer crypto-related services to both retail and institutional investors in the United Arab Emirates (UAE) from now onwards.

While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption. 

Bitcoin infrastructure provider OpenNode will test a Bitcoin payment processing and payouts solution in the Central Bank of Bahrain’s (CBB) regulatory sandbox, the company announced Sept. 13. This is the latest of several steps the kingdom has taken to join the crypto economy both on its own and as a member of the Cooperation Council for the Arab States of the Gulf (GCC). 

The Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market free economic zone (ADGM), published its “Guiding Principles” on its approach to digital asset regulation and supervision. 

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting in late August, chaired by Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development and chairman of the Securities and Commodities Authority (SCA).

cryptos are traded in the red. Bitcoin started the week trading at the $19,000 range but fell to the $18,000 level in the mid-week. Bitcoin (BTC) was more than 71 per cent down from it's all-time high by touching its lowest since July 12 as investors moved away from the riskier assets. One of the reasons for the downward trend could be because of the long US Labor Day holiday weekend. But, the market started showing some signs of recovery on Thursday and scaled up aggressively on Friday. BTC rose by nearly 10 per cent and regained its $21,000 position back. This means that buyers are now ready for the midterm rise. If bulls can hold BTC above the $20,575, we could also see it trade above the $22,400 level soon. The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending its previous weekend’s steadiness into the early week.

Blockchain.com, London-based crypto exchange, has been granted a provisional regulatory approval by  the Virtual Assets Regulatory Authority (VARA), Dubai. With granted provisions, institutional and retail clients can use the crypt platform in the United Arab Emirates (UAE).

Blockchain wallet and cryptocurrency exchange platform Blockchain.com has reportedly secured regulatory approval from Dubai’s Virtual Assets Regulatory Authority, or VARA.

London-based crypto firm Blockchain.com said it had won a provisional approval to operate in Dubai, becoming the latest in a series of digital asset companies expanding in the Gulf as the region looks to become a hub for blockchain technology.

A group of Democrats from the United States Senate has reportedly asked Meta CEO Mark Zuckerberg to provide details on the social media giant’s policies addressing cryptocurrency fraud.

Switzerland-based Crypto Valley Association will partner with Dubai’s Crypto Oasis to collaborate in the ongoing development of the blockchain industry in both countries.

Move-to-earn app STEPN announced that is opening an office in Hong Kong despite COVID-19 restrictions and a tough regulatory environment.

The post-money valuation makes 21.co "Switzerland's largest crypto unicorn," the company said.

NEPZA, the Nigerian government agency in charge of export processing zones, announced on Saturday that it is in talks with cryptocurrency exchange Binance to establish a "virtual free zone" dedicated to blockchain technology and the digital economy. 

Binance, the world’s leading cryptocurrency exchange, has held talks with the Nigeria Export Processing Zones Authority (NEPZA) to create a virtual economic zone in West Africa. The partnership aims to build a crypto-friendly zone similar to the Dubai Virtual Free Zone, announced NEPZA on Twitter.

 

The Nigerian government has held a preliminary meeting with crypto exchange Binance to potentially establish a special economic zone aimed at supporting crypto and blockchain-related businesses.

 

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

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