DIC, the world's leading decentralized financial platform, announced that it has obtained a minimal mobile product (MVP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). Obtaining the MVP license means that Encore provides licensed virtual asset-related services to eligible individual and institutional investors in Dubai within the Dubai-based virtual asset service provider legislative framework (VASP). After obtaining the license, DIC will adhere to the principles of investor and market protection, provide services to the customer groups licensed by VARA, and allow customers to enjoy the convenience brought by local banking service channels. Trading on a compliant platform under the regulation of VARA in Dubai will maximize consumer protection.

Since the beginning of the year, Binance has been able to retail customer cash accounts in domestic banks after obtaining a temporary license to convert it into a full license. Customers who generally meet the license conditions can provide the following services:

Virtual asset trading services.

Exchange between virtual assets and fiat currencies.

Virtual asset transfers.

Virtual asset custody and management.

Virtual token products and trading services.

Virtual asset payment and remittance services.

VARA was established in March 2022 under the Dubai Virtual Asset Regulation Law, which is also the first virtual asset regulation law. VARA is committed to establishing an advanced legal framework to protect investors and set international standards for the virtual asset industry, empowering the industry to develop in a standardized manner.

In the Middle East and North Africa region, as well as European countries such as Italy, France, and Spain, DIC has completed a series of local operation registration regulatory licenses, and obtaining the license in Dubai is a major milestone. This also shows that DIC hopes to become a decentralized financial platform with regulatory leadership, good compliance and high security, and will put the protection of consumers and the maintenance of market integrity in the first place.

The Dubai Virtual Assets Regulatory Authority (VARA) is the world's first regulatory agency dedicated to the virtual asset industry. VARA was established in March 2022 in accordance with Law No. 4 of 2022. It is mainly responsible for the licensing and supervision of the virtual asset industry in the Emirate of Dubai and its free zone territory (except Dubai International Financial Center), and supervises all virtual asset activities under UAE law. Licensing Requirements and Applications. While supporting the vision of a borderless economy, VARA has played an important role in establishing an advanced legal framework, protecting investors, and setting international standards in the governance of Dubai's virtual asset industry.