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Binance Receives Virtual Assets License To Operate In Dubai
As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.
Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.
The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.
The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.
Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.
“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.
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Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.
“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.
As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.
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Ericsson And e& Join Forces To Bring Superfast 5G To Egypt
The partnership aims to deliver fast, reliable connectivity to private users and enterprises while supporting cross-sector digital innovation.
At GITEX GLOBAL 2024, Ericsson and e& Egypt announced a groundbreaking partnership to roll out 5G technology across Egypt, promising users enhanced connectivity with faster speeds, reduced latency, and expanded bandwidth. The collaboration will cater to the growing demand for advanced mobile services for both consumers and enterprises alike.
Under the agreement, Ericsson will deliver its energy-efficient 5G product suite to establish the new network. This comprehensive 5G Radio Access Network (5G RAN) portfolio, implemented through the Ericsson Radio System, is designed to support diverse traffic conditions and site types. It aims to provide reliable performance as networks grow across mobile generations, equipping Egypt with a stable, high-capacity infrastructure to foster digital innovation.
The adoption of 5G is expected to provide Egyptians with seamless connectivity and increased network resilience. The expanded bandwidth and lower latency brought by this new infrastructure will support not only faster internet for users but also enhance industry operations and contribute to society as a whole.
“We are thrilled to bring 5G to Egypt with our technology partner, Ericsson. Through this partnership, e& Egypt will be able to provide faster connectivity speeds, larger bandwidth, and lag-free user experience to our customers, unlocking many opportunities for consumers and enterprises,” said Amr Fathy, Chief Technology and Information Officer of e& Egypt. “With Ericsson’s cutting-edge 5G solutions, we are paving the way for a more connected and innovative future for Egypt”.
Also Read: Wi-Fi 7, The Next Generation Of Wireless Internet, Is Here
Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa, also reflected on the longstanding collaboration: “Our storied partnership with e& Egypt dates back nearly two decades, with two generational shifts in mobile technology. Like previous generational shifts, our ambition with 5G is to extend e& Egypt’s technology position”.
Ericsson and e& Egypt have collaborated successfully for years, achieving notable milestones in network innovation, customer experience, and sustainable development.