<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Dubai’s crypto watchdog, the Virtual Assets Regulatory Authority (VARA), is cracking down on international digital asset companies seeking licenses after a series of collapses in the sector last year. VARA is <a href="https://www.bloomberg.com/news/articles/2023-04-05/dubai-asks-binance-other-crypto-license-applicants-for-more-information" target="_blank" aria-label="reportedly  (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">reportedly </a>requesting more information from Binance and other license seekers, such as the ownership structure, auditing procedures, governance, etc.</p> 
<h3 id="dubai-s-digital-asset-regulator-asks-crypto-license-seekers-for-more-information">Dubai’s Digital Asset Regulator Asks Crypto License Seekers for More Information</h3> 
<p>Dubai is demanding more information from the crypto license applicants such as Binance due to the unprecedented collapse of crypto exchange FTX in 2022, according to Bloomberg, citing people with knowledge of the matter.</p> 
<p>As per the report, Dubai’s <a aria-label="crypto regulator VARA (opens in a new tab)" href="https://www.vara.ae/en/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">crypto regulator VARA</a> asked Binance to deliver additional information regarding its ownership structure, auditing process, and governance. The regulator demands similar information from all other international companies seeking licenses in the most populated emirate.</p> 
<p>The move comes after <a href="https://tokenist.com/new-dubai-regulations-require-crypto-firms-to-obtain-license/" rel="dofollow" class="deco-link">VARA revealed</a> a series of regulatory requirements for crypto firms planning to offer services in Dubai earlier this year. One of the requirements is a license issued by VARA, along with a set of regulations for issuing all digital assets and digital asset marketing services.</p> 
<p>The increased scrutiny also marks another effort by Dubai authorities to regulate the digital assets market as part of its plan to become a regional fintech and crypto hub. One of the critical steps toward achieving this was the establishment of VARA in 2022, which seeks to regulate all digital asset activities in the UAE.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="binance-continues-to-attract-regulators-attention">Binance Continues to Attract Regulators’ Attention</h3> 
<p>Last month, the US Commodity Futures Trading Commission (CFTC) <a href="https://tokenist.com/binance-fud-grows-as-experts-cry-operation-chokepoint-2-0/" rel="dofollow" class="deco-link">filed a lawsuit</a> against Binance and its CEO Changpeng Zhao, citing a violation of derivatives regulations. Other US regulators, including the SEC, have Binance in their crosshairs, which could also be one of the reasons why Dubai is demanding more information from the world’s biggest exchange.</p> 
<blockquote class="wp-block-quote"> 
 <p>“VARA wants to turn Dubai into a capital for the digital-assets economy while safeguarding its business ties with Western jurisdictions like Europe that are adopting more muscular crypto regulations.”</p> <cite>– Sam Blatteis, CEO of The MENA Catalysts</cite>
</blockquote> 
<p>Last week, the FT reported that Binance has been <a href="https://tokenist.com/binance-concealed-links-to-china-for-years-report/" rel="dofollow" class="deco-link">concealing its links to China</a> for several years, despite the crypto exchange’s claims that it had left the country in 2017. Binance saw over <a aria-label="$2 billion in outflows (opens in a new tab)" href="https://www.wsj.com/articles/binance-sees-2-billion-in-outflows-as-troubles-compound-9a136e21" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">$2 billion in outflows</a> late last month amid mounting regulatory issues.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think Dubai’s scrutiny of Binance is due to the company’s regulatory challenges in the US? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/dubai-demands-more-info-from-firms-seeking-crypto-license-bloomberg/">Dubai Demands More Info from Firms Seeking Crypto License: Bloomberg</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Dubai Demands More Info from Firms Seeking Crypto License: Bloomberg

Table of Contents

TokenInsight

Outros artigos publicados em 5 de abr. de 2023

LimeChain Drives Web3 Innovation, Enhancing the Global Market

Meta to Launch Generative AI for Creating Ads This Year: Report

White House Will Not Pay for Twitter Blue Verification: Reports

ETH hits 7-month High Ahead of Shanghai and Capella Upgrades

Why Crypto Youtuber Bitboy Believes XRP Could Be the Top Performer in the Next Bull Run?

Bitcoin Once Again at Critical Resistance Zone! Will it Break Through?

Join our free newsletter for daily crypto updates!