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Chinese Crypto-giant Finance Plans to Undergo Licensing in Dubai

Chinese Crypto-giant Finance Plans to Undergo Licensing in Dubai

The world's largest blockchain ecosystem and exchange platform Finance, is negotiating to obtain a license to do business in Dubai.

Finance Holdings Ltd. has been striving to expand its presence in the Middle East for a long time and it is Dubai that is considered as the company's permanent base in the region. Despite the global presence, the Chinese company still does not have an international headquarters.

The Chinese giant plans to complete the accreditation as soon as possible by registering as a «service provider» on the territory of the Dubai World Trade Center Special Economic Zone (DWTC).

Back in December 2021, Finance signed an agreement with the management of DWTC on the development and development of this economic zone as one of the largest crypto hubs on the world market. The Chinese company has the resources for such a project, as the company provides its services all over the globe (except the USA).

On Wednesday, March 9, a new law was adopted in Dubai, which establishes clear rules and regulations for the local crypto market. A new regulatory body (VERA) has also been created, which will approve transactions of virtual assets, issue permits for transactions with them to individuals and business licenses to conduct activities in this financial sector.

The United Arab Emirates itself is the third largest cryptocurrency market in the Middle East, second only to Turkey and Lebanon. The total value of transactions of virtual assets in the UAE exceeds USD 26 billion, according to data for July 2020 - June 2021.

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