The world's largest cryptocurrency exchange is licensed by the UAE.

Recently, the global cryptocurrency community has been paying close attention to the event: Binance, the company that owns the world's largest cryptocurrency exchange, Binance.com, has been officially licensed to operate by the Abu Dhabi International Financial Centre (ADGM) in the United Arab Emirates (UAE).

The Abu Dhabi International Financial Centre (ADGM), headquartered in Abu Dhabi, is one of the world's most prestigious and rapidly developing international financial centers. Having recently received official operating licenses from ADGM, Binance has become the first cryptocurrency exchange to operate globally under ADGM's regulatory framework.

According to the Middle East Economic website, this comprehensive regulatory license covers the global platform Binance.com, through three separately regulated entities operating under the ADGM framework. Each entity – comprising the Exchange, Clearing Institution, and Brokerage Firm – is granted specific regulatory powers to conduct particular financial services activities, in accordance with the internationally recognized standard legal framework of ADGM.

The Gulf News quoted Binance's CEO as emphasizing: "ADGM is one of the world's most reputable financial centers. Being licensed by this center to operate under its standards demonstrates that Binance has met the highest international standards in legal compliance, governance, risk management, and customer protection."

Earlier this year, ADGM also announced further adjustments to its digital asset management framework, aiming to shorten token approval times and attract more large financial institutions to the market. These amendments simplify the process of approving virtual assets for use in financial centers, while also applying appropriate capital requirements and fees to licensed institutions conducting managed virtual asset operations.

Another noteworthy development recently is the partnership between the world's largest commodity exchange and free trade zone, DMCC, located in Dubai, and Crypto.com, a global fintech company specializing in cryptocurrencies and digital assets. This collaboration aims to advance the strategy of entering the tokenized economy, with the goal of modernizing the way goods are traded and paid for in international markets.

With recent developments, it's clear that Abu Dhabi and Dubai are accelerating their competition with other financial centers like Singapore, London, and New York to become global digital financial hubs.

Source: https://vtv.vn/san-giao-dich-tien-so-lon-nhat-the-gioi-duoc-uae-cap-phep-100251230104153475.htm