Canadian College Dubai backtracks on accepting crypto through Binance Pay


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Not even 24 hours after the Canadian College Dubai (CUD) introduced its partnership with Binance Pay to simply accept course charges in cryptocurrencies, a technical roadblock watered down the thrill behind the short-lived initiative.

CUD, a non-public college in Dubai, was seemingly involved in permitting college students — each home and worldwide — to pay their tuition and course charges in cryptocurrencies. This initiative would have allowed college students from various backgrounds easy accessibility to the Canadian curriculum in Dubai.

Binance Pay, a fee gateway service launched by crypto trade Binance, permits companies to combine help for cryptocurrency funds. In response to the college’s preliminary announcement, the Binance partnership allowed the establishment to “have tailored to the remodeling digital fee house.”

Binance Pay helps over 200 cryptocurrencies, together with Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH), and expenses 0 charges per transaction. On Feb. 7, Binance hosted a cryptocurrency workshop and knowledge session for CUD whereby college students had been taught about blockchain fundamentals, crypto fundamentals, web3 and metaverse.

Canadian College Dubai whole variety of college students. Supply:

As proven above, CUD is house to over 1800 home and worldwide college students — enrolled in one of many 25 undergraduate and 6 graduate applications — who pay a yearly tuition charge of $18,000.

Canadian College Dubai has not but responded to Cointelegraph’s request for remark.

Related: Crypto projects respond to privacy coin ban in Dubai

Proper when Binance was eyeing a partnership with CUD, Dubai launched crypto laws for digital asset service suppliers (VASPs) on Feb. 7. The Digital Asset Regulatory Authority (VARA) issued its “Full Market Product Rules,” which embrace 4 obligatory rulebooks and activity-specific rulebooks that lay down the foundations for working VASPs.

“Regulatory certainty is excellent for enterprise. It’s good for shoppers, traders and for the Emirate of Dubai. The laws are long-awaited and principally welcomed,” stated Irina Heaver, a crypto and blockchain lawyer primarily based within the United Arab Emirates, chatting with Cointelegraph.