Canadian University Dubai (CUD) has taken a step back in accepting crypto through Binance Pay. As part of the partnership, tuition payments would be accepted with Bitcoin, Ethereum, Cardano and Shiba Inu.
Canadian University backs out on accepting crypto via Binance Pay
CUD was interested in collecting tuition and course fees in cryptocurrencies from both domestic and international students, before encountering a technical hurdle. cryptocoin.com Not less than 24 hours after the collaboration we quoted as, a technical hurdle left the crypto venture short-lived.
CUD, a private university in Dubai, was interested in allowing both domestic and international students to pay their tuition and course fees in cryptocurrencies. This initiative would provide students from diverse backgrounds with easy access to the Canadian curriculum in Dubai.
Binance Pay, a payment gateway service launched by crypto exchange Binance, allows businesses to integrate support for cryptocurrency payments. According to the university’s initial announcement, the Binance partnership allowed the institution to “adapt to the transforming digital payments space.”
Over 1800 students would be able to use cryptocurrencies
Binance Pay supports over 200 cryptocurrencies, including Bitcoin. It charges 0 fees for BTC, Dogecoin and Ethereum transactions. On February 7, Binance held a cryptocurrency workshop and knowledge session for CUD, where students were educated about Blockchain fundamentals, crypto fundamentals, Web3 and metaverse.
As shown above, CUD is home to more than 1800 domestic and international students enrolled in one of 25 undergraduate and six graduate programs paying $18,000 per year.
University suddenly backs down on Binance Pay payments
When Binance formed a partnership with CUD, Dubai released crypto regulations for virtual asset service providers (VASP) on Feb. The Virtual Asset Regulatory Authority (VARA) has published “Complete Market Product Regulations”, which includes four mandatory rulebooks containing rules for operating VASPs, and activity-specific rulebooks.
Accordingly, “No organization may operate virtual asset services in Dubai unless licensed by VARA.” The country plans to impose a civil fine of between AED 20,000 and 200,000 in such a case.
Dubai makes licensing mandatory for crypto companies
According to the jurisdiction’s new cryptocurrency rulebooks, crypto firms must obtain authorization and related licenses to operate in Dubai. Comprehensive guidelines released Tuesday detail requirements for companies, from cybersecurity norms to compliance and risk management standards. A separate set of rulebooks deals with issuance, advisory, stock market activities.
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