Having been embroiled in legal turmoil in the United States, Binance is looking to the UAE’s clear and coherent regulatory landscape for respite and future growth.
“The two key drivers are that lots of expatriates are moving here from Europe and Asia, and the overall demographic is younger as well — and we know that younger people have a more favorable mindset when it comes to virtual assets.”Merkle Science CEO Mriganka Pattnaik also praised the regulatory landscape in the UAE, noting that VARA, as the world’s first virtual asset-specific regulator, provides very detailed compliance guidelines for firms working under its purview.
“There’s more interaction with the private sector and regulators because it’s a smaller, early-stage ecosystem,” Pattnaik told Cointelegraph. “It’s also easier to hire teams in the UAE or just build out a team of 100 people, all of whom don’t come from the region.”Full Market Product Regulations, which include four compulsory, activity-specific rulebooks that lay down the rules for virtual asset service providers operating in Dubai.
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