Last Updated on 3 months by newseditor
As cryptocurrencies become more mainstream, many businesses and institutions have begun to accept crypto payments. However, not all organizations are jumping on board the crypto train. Recently, Canadian University Dubai (CUD) made headlines when it revised its crypto payment policy, dropping Binance Pay as an accepted payment method.
This shift in policy raises questions about the future of crypto payments in education and other industries. CUD had been leading the way in adopting a framework to pay with crypto for tuition and course fees. Their forward-thinking stance seemed to suggest that they were open to accepting cryptocurrency payments from both domestic and international students. So, why did Canadian University Dubai decide not to accept crypto payments? Their ambitious plan hit a snag when they encountered a technical roadblock.
Seamless and Secure Crypto Payments Made Possible with Binance Pay
Binance Pay has emerged as a game-changer for businesses, empowering them to integrate support for cryptocurrency payments easily. The Canadian University Dubai (CUD) also benefited from its partnership with Binance, which enabled the institution to swiftly adapt to the rapidly evolving digital payment sphere, as emphasized in its initial announcement. Binance hosted an exclusive cryptocurrency workshop and information session for CUD on February 7th, imparting valuable knowledge on blockchain technology and crypto fundamentals and exploring the innovative realms of Web3 and the metaverse. By educating and creating awareness among students about the potential of cryptocurrency and blockchain, Binance effectively paved the way for broader blockchain adoption within the academic community.
Crypto Payment Plans Thwarted: CUD Drops Binance Pay Partnership Within 24hrs
The announcement by CUD to partner with Binance Pay and accept course fees in cryptocurrencies had the potential to revolutionize the way students pay for their education. However, the excitement surrounding the initiative was short-lived, as a technical roadblock derailed the plan in less than 24 hours. Despite the setback, CUD, a premier private university in Dubai, demonstrated a forward-thinking approach by exploring the use of cryptocurrency payments. The initiative would have opened up new avenues for students from diverse backgrounds, providing them with enhanced access to the Canadian curriculum offered by the university.
Dubai VASP Industry Gets Full Market Regulations
Dubai released long-awaited regulations for virtual asset service providers (VASPs). The Virtual Asset Regulatory Authority issued its Full Market Product Regulations, which comprise four mandatory rulebooks and activity-specific rulebooks outlining the guidelines for VASP operations. In order to provide virtual asset services in Dubai, entities must now be licensed by VARA, as emphasized by crypto and blockchain lawyer Irina Heaver in a tweet. Non-compliance carries a hefty penalty of a fine ranging from 20,000 to 200,000 AED, making it clear that VARA means business when it comes to enforcing these updated regulations.