Crypto exchange Binance reportedly snatched successfully a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). 

Specifically, the freshly acquired license will reportedly make it possible for the crypto exchange to provide numerous virtual asset products to qualified retail and institutional investors. 

The update reportedly surfaced after the issuance of the provisional license granted in March, which offered permission for the firm to establish an office in the United Arab Emirates, as well as offering digital asset exchange services to pre-qualified investors and financial firms.

With the new permission, Binance will have the ability to provide a suite of virtual asset-associated services to qualified retail and institutional investors, under the legislative framework for virtual asset service providers (aka VASPs).

It will also grant permission to the firm to tap into local banking channels and offer open money accounts, virtual-fiat currency conversions, assets transfers, custody and management, as well as token offering and trading services.

“We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world, as we have been doing in Dubai.” Changpeng Zhao (CZ), founder and CEO of Binance, additionally remarked. 

The initiative from Binance reportedly serves as a sign that it has plans to further widen the scope of its footprint in the Middle East. In March, the exchange secured a license to function in Bahrain, providing crypto services, including custody, trading and portfolio management. 

Established in March this year, Dubai’s VARA is in charge of licensing and regulating virtual asset providers in the emirate and its free zone territories. 

Local authorities also granted a provisional license to CryptoCom, and approval for a regional headquarters for FTX.