UAE and Bahrain’s crypto laws offer MENA global advantage, says Binance’s Alex Chehade

UAE and Bahrain’s crypto laws offer MENA global advantage, says Binance’s Alex Chehade

Dubai: The UAE and Bahrain’s virtual asset laws place MENA markets at a competitive advantage for cryptocurrencies and trading in them. This will add greater depth to this marketplace, according to a senior official with Binance, the world’s biggest crypto trading platform. “(Dubai’s) VARA license allows us to onboard clients and fit their criteria globally,” said Alex Chehade, General Manager for the MENA territory. “(In Abu Dhabi), ADGM (allows to) onboard clients from almost all countries, except those sanctioned. Bahrain is similar. “We reach out proactively to all regulators and during dialogues with each, we understand more about what they expect from us. “Obviously, some jurisdictions are moving quicker with crypto regulation, and this is why we’ve established a large footprint in MENA. Because governments have decided that the Web3 economy is something they want to foster. They set frameworks that enable building the ecosystems.” In Dubai, the Virtual Assets Regulatory Authority has been busy with enabling rules that expand the scope of those companies licensed with it. . This applies to those related entities licensed by free zones too. On Thursday (April 20), the European Union’s parliament voted overwhelmingly in favour of the bloc’s first set of rules for