Omar Sultan Al Olama, the UAE’s Minister of State in charge of digital economy, artificial intelligence and other affairs, said that the UAE’s virtual asset regulatory agency, the Virtual Asset Regulatory Authority (VARA), has not issued any operating license so far. Al Olama reportedly said at the World Economic Forum that no cryptocurrency exchange entity, including Binance and FTX, has obtained a full market product (FMP) license.
According to Al Olama’s comments on Laraontheblock, no cryptocurrency company has yet been able to complete VARA’s four-step process.
In March 2022, VARA said it had granted Binance a minimum viable product (MVP) license, allowing it to provide a range of virtual asset-related services to qualified retail and institutional investors in Dubai. Other cryptocurrency trading platforms have also received similar licenses. license. Some crypto exchanges appear to specifically mention these licenses when promoting them to potential customers.
However, VARA has now clarified that the licenses issued to Binance and other crypto exchanges are only "Provisional" licenses in the first phase, or "MVP-Preparatory" licenses in the second phase. (Bitcoin.com) #dyor, #GameFi, #SHIB
