The Canadian University Dubai’s (CUD) recent partnership with Binance Pay has hit a roadblock, just hours after its announcement, media reports said. The university, which has over 1,800 domestic and international students enrolled in its undergraduate and graduate programs, was seeking to provide easy access to its Canadian curriculum in Dubai by allowing students to pay their tuition and course fees in cryptocurrencies.
Binance Pay, a payment gateway service launched by crypto exchange Binance, allows businesses to integrate support for cryptocurrency payments. The service supports over 200 cryptocurrencies including Bitcoin and Ether, and charges no transaction fees per transaction.
However, on February 7th, the same day that Binance was eyeing a partnership with CUD, Dubai released crypto regulations for virtual asset service providers (VASPs). The Virtual Asset Regulatory Authority issued its Full Market Product Regulations, which include compulsory and activity-specific rulebooks, setting the rules for operating VASPs in Dubai.
The new regulations require VASPs to hold a license to operate in Dubai, causing a roadblock for CUD’s partnership with Binance Pay. Irina Heaver, a crypto and blockchain lawyer based in the UAE, stated that the regulations are long-awaited and mostly welcomed, providing regulatory certainty for business, consumers, investors, and the Emirate of Dubai.
Despite the setback, the Canadian University Dubai remains committed to exploring new and innovative ways to provide access to education. Binance, on the other hand, continues to work with businesses and organizations to offer payment solutions in the digital asset space. It is expected that both parties will try reach a negotiation with the government authorities in order to resume their preset plan.
