Binance, the biggest crypto exchange in the world said it has gotten Financial Services Permission (FSP) from the Financial Service Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
According to a news source, Binance revealed that the regulatory license was received as part of its efforts to expand its global presence in the Middle East. The license will make it easier for Binance to provide protection to executive customers as long as it satisfies the laid down procedures outlined by the FSRA.
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM commented that ADGM looks forward to supporting the operations of Binance in order to develop innovative solutions for the Web3 ecosystem in the UAE.
In August, Abu Dhabi Government Media Office released an article that stated the plans of Abu Dhabi to launch the Blockchain and Strategy of Virtual Assets Committee.
The Committee reiterated the relevance of establishing the activities of the blockchain industry in the UAE to comply with international and local rules as it relates to Anti Money Laundering/ Combating the Financing of Terrorism (AML/CFT) to ensure the blockchain industry is safe and transparent for users.
The Promotion of Crypto in the UAE
As the blockchain industry expands globally, the United Arab Emirates is also making plans to benefit from the crypto space.
The UAE made an announcement in October that it has completed its pilot program to launch its digital currency to carry out financial payments. The announcement signifies the first pilot use of wholesale CBDCs in the Middle East and North Africa (MENA) region under Project mBridge.
Project mBridge, is a distributed ledger technology (DLT) platform created by five participants in the pilot phase and the central bank. The project tests cross-border transactions with a variety of central banks’ CBDCs.
As regards the expansion of the blockchain industry in the UAE, The Al Jalila Foundation in the UAE received its first crypto donations made to the Hamdan Bin Rashid Cancer Charity Hospital.
The crypto donations are expected to fund cancer research in the Hamdan Bin Rashid Cancer Charity Hospital, which is one of the biggest cancer hospitals in the UAE. A total of $16 million in cryptocurrencies was donated to the Al Jalila Foundation’s charitable endeavors by the cutting-edge token QUINT.
