Binance which is the largest crypto in the world announced that they have obtained a license to operate in Dubai after a few days it obtained the license of the first global crypto asset provider in Bahrain.
Even so, the world’s no.3 largest crypto exchange burrsa FTX was the first crypto exchange to obtain a license in Dubai, earlier this week. Both exchanges will now operate their regional business from Dubai.
Binance stated in December that they would work with Dubai World Trade Center authorities to set up a blockchain hub in the city. By obtaining this license, Binance is expected to be able to expand its market more freely.
The UAE is seen to be relatively late in developing crypto in their market and now it is ranked 100 out of 157 in the global crypto usage index compiled by blockchain research firm Chainalysis. Bahrain is ranked 143rd.
The move comes in the wake of growing interest in cryptocurrencies in the Gulf. United Arab Emirates (UAE). The UAE is trying to become an economic hub in the region that is likened to a crypto paradise like Singapore by passing crypto -friendly regulations.
Earlier this month, Dubai passed its first law to regulate the crypto sector, and formed a regulatory body for crypto.
On the other hand, the use of global crypto is seen to be increasing globally especially after the Russia-Ukraine conflict. Ukraine is the first country to officially ask for donations in cryptocurrencies.
President Joe Biden last week signed an executive order to promote the development of blockchain technology in the country. Earlier this week, important EU crypto rules were seen getting closer to being approved by parliament.
