UAE Considers Ban on Crypto Payments as Binance Secures VASP License

The United Arab Emirates (UAE) is considering new regulations that may ban crypto payments within its jurisdiction, signaling a potential shift towards a less favorable environment for cryptocurrency.

This development was discussed by the board of directors of the Central Bank of the UAE on June 5, as part of the country's financial infrastructure (FIT) program aimed at boosting digital transformation.

The move comes after Binance secured a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) for Binance FZE, requiring UAE residents to transition their accounts from Binance Global to Binance FZE and update their KYC information by December 15, 2024.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.