Virtuzone, a leading provider of corporation and business formation services in the United Arab Emirates, has partnered with Binance to become the first organization in the nation to accept cryptocurrency for commercial use. The firm will use the Binance Pay service to facilitate its new ambitions.
Virtuzone hopes to lower barriers to entrepreneurship by assisting companies in accepting cryptocurrency payments. Additionally, they intend to make it easier for foreign businesses to interact with the country’s thriving startup culture. The company also aims to advance and encourage the use of cryptocurrency in the UAE.
Chairman and Co-founder of Virtuzone Neil Petch commented on this recent decision saying,
“The partnership we have forged with Binance reflects our commitment to continue our pursuit of innovative solutions that will positively impact the UAE startup community while expanding the future possibilities and opportunities for Virtuzone and its clients. Collaborating with a renowned Web 3.0 technology leader like Binance puts us at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region.”
George Hojeige, CEO of Virtuzone, further added,
“Our alliance with Binance is geared at generating more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specializing in decentralized finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, further establishing the UAE as a pivotal hub for innovation and next-generation technologies.”
The UAE is sure to become a hub for crypto and web3 developments. Dubai, in particular, has gained a name for being crypto-friendly. Additionally, more and more crypto-related businesses are moving to the UAE for their crypto policies and ease of business.
Binance seems to be going hand-in-hand with the developments in the UAE. The Binance Pay service has supported many businesses so far.
With this collaboration, Virtuzone has joined a subset of well-known companies in the UAE that have integrated Binance Pay into their operations. Majid Al Futtaim and JA Resorts & Hotels are additional group members. Binance Pay is now accepted in 29 shopping malls, 13 hotels, and four mixed-use communities in the UAE thanks to its partnership with Majid Al Futtaim.
Binance Pay allows contactless, borderless, and secure cryptocurrency payments and transfers. The service has allowed businesses to facilitate crypto payments or payments in general without an intermediary.
The UAE’s Virtual Asset Regulatory Authority [VARA] has just recently implemented new regulatory requirements for the marketing, promotion, and advertising of virtual assets in Dubai. The platform aims to establish a legal framework that supports security without impeding economic growth and innovation.