Binance FZE will now be able to offer services to eligible institutional and retail investors.
MVP comes before a product is considered an FMP (full-market product).
Virtual Assets Regulatory Authority (VARA) of Dubai has granted Binance FZE, the Dubai arm of the exchange, a license to provide exchange and broker-dealer services in the region. According to the company’s Monday announcement, Binance FZE will now be able to offer services to eligible institutional and retail investors, thanks to the operational minimum viable product license.
Head of international markets at Binance, Richard Teng, stated:
“We are honoured to be the first exchange to be granted an operational MVP licence by Vara – a result of over a year of due diligence, collaboration and demonstration of responsible intent – that now allows us be able to leverage the potential of a progressive regulatory framework, enabling innovation while furthering user protection.”
FMP License Next
A minimum viable product (MVP) is an operational prototype of a service that may be deployed to test the waters and collect user feedback. According to Vara’s website, this comes before a product is considered an FMP (full-market product).
Moreover, after the initial planning and provisional phases, the third and final phase of Vara’s MVP process is to get an operating license. According to Vara’s website, it authorizes seven types of business for virtual asset service providers.
Dubai has passed a bill to govern virtual assets in order to offer a secure environment for investors while also welcoming new technology. Binance received a preliminary MVP license from Dubai’s VARA in September, but the company had to fulfill certain requirements before it could begin operations legally.