UAE is one of the top crypto hotspots in the world, and the crypto scene is booming. For example, Binance has received a license for cryptocurrency-related services in the country, while Kraken has also recently announced plans to offer trading and funding in UAE dirhams. Another company, Quint, has announced it will offer super-staking pools.
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Binance receives a license to offer crypto-related services in Dubai
Binance has received a license from the Virtual Asset Regulatory Authority in Dubai to offer a variety of crypto-related services. This includes establishing a domestic bank account for its clients’ funds and offering crypto exchange, custody, and payment services. The license is the latest move for Binance, which already holds a license from the Central Bank of Bahrain.
As a result of the license, Binance is now able to offer its full range of virtual asset-related services in Dubai, which includes crypto exchange and virtual asset-fiat conversion. In addition, the company will offer a virtual token offering and trading services.
Binance’s new license to operate in the United Arab Emirates follows a similar move in March. The UAE has a growing number of regulations governing the crypto industry. Binance’s registration will help it provide better service to its customers in the region. Regulatory approval will also enable Binance to offer financial services to a wider range of customers in the country.
Binance received a license from the UAE’s Virtual Asset Regulatory Authority (VARA), which was created under a new law governing virtual assets. The law is intended to create an advanced legal framework to protect investors and set standards for the industry. This new license is also an indication of Dubai’s confidence in the virtual asset market. It also indicates the government’s desire to attract new forms of business to the region and to create an international virtual asset ecosystem in Dubai.
Kraken to offer funding and trading in UAE dirhams
The world’s largest cryptocurrency exchange is expanding its operations to the UAE. The new license will allow Kraken to serve UAE-based clients and offer them funding and trading options in UAE dirhams. The company plans to launch its operations in the UAE in the second or third quarter of this year. Currently, investors in the UAE must use third-party providers outside the country to fund their transactions, which results in high foreign exchange rates and longer lead times. In addition, they are also exposed to asset governance issues that may stem from assets held in an offshore jurisdiction.
The UAE is already home to a number of cryptocurrency companies. The country is one of the fastest-growing cryptocurrency markets worldwide, making up around 7% of the total trading volume. Many of these businesses have chosen Dubai and Abu Dhabi due to the country’s regulatory clarity. Now, Kraken is expanding to the region, securing a full license to operate a regulated trading platform in the UAE.
The new license is a significant step in the growth of the crypto industry in the Middle East. Abu Dhabi’s financial regulator has approved Kraken to establish a regional office in Abu Dhabi. The move also allows the company to offer to trade and depositing services in UAE dirhams. This makes Kraken the first global virtual assets exchange group receive regulatory approval in the UAE.
Quint to offer super-staking pools
Quint is a blockchain company aiming to connect the world of crypto with the real one by developing real-world utilities and rewarding investors with real-world rewards and returns. The company has been involved in the development of super-staking pools and has recently launched its own boutique NFT marketplace place. Moreover, it owns a range of businesses including the Quint Shop and Metaverse Arts Club. In the near future, the company plans to bridge the Ethereum and FTM networks.
With the super-staking pools, users can earn crypto interest on idle tokens and even win prizes like harlot diamond frosted watches. Users only need to stake 500 QUINT to enter, and each additional 500 QUINT will earn them an extra ticket. Super-staking pools are great opportunities for serious investors to earn a high return and gain real-world benefits.
The company is backed by seasoned industry leaders, entrepreneurs, and investors. Its CEO Rahul Chaudhary is the CEO of CG Corp Global, a multinational conglomerate with over 160 companies spread over 35 countries. Additionally, Etihad Aviation Chief Operating Officer Mohammed Al Bulooki has joined the company as the Chairman of the Board.
The company will integrate QUINT into its website payment system and explore the ways in which QUINT can be used across sports and merchandising. In addition, they will collaborate with Galaxy Racer to produce educational content about the web and cryptocurrencies. This is an important step for QUINT, and it will create real-world benefits for investors. Moreover, it plans to offer luxury raffle prizes for investors.
