Binance founder Changpeng Zhao, speaking at the Bitcoin Asia 2026 conference in Hong Kong, called the UAE a jurisdiction with what is likely the most progressive crypto regulation in the world. In his view, the country has built out several key parts of the crypto market, from exchange regulation to government reserves and asset tokenization. Zhao also singled out Abu Dhabi, where Binance received a global license.
The UAE Has Brought Together Several Parts of the Crypto Market
The Financial Services Regulatory Authority (FSRA) issued Binance a license in the Abu Dhabi Global Market (ADGM) financial free zone, covering almost all of the exchange’s products. Since January 5, 2026, Binance’s global platform has operated through three regulated entities responsible for spot and derivatives trading, clearing and custody, as well as broker-dealer services.
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In March 2025, Abu Dhabi-based fund MGX invested $2 B in Binance and received a minority stake. Binance received the investment in a stablecoin. The company has around 1,000 of its 5,000 employees based in the UAE.
Zhao also noted that the UAE has not yet created a stablecoin on the scale of USDT or USDC. The country already has dirham-backed tokens AE Coin and DDSC, as well as the registered dollar-backed USDU.
Other Jurisdictions
The US, in Zhao’s assessment, has moved further than the UAE in stablecoin regulation and exchange oversight. The GENIUS Act was signed into law on July 18, 2025, while key rules for licensed issuance are due to take effect in January 2027. In late May 2026, the CFTC for the first time approved the listing of a Bitcoin perpetual contract on a registered platform.
Zhao described Japan as active: the country is moving crypto assets toward a regulatory framework similar to that for securities, preparing to cut the maximum tax rate from 55% to 20%, and has already removed the ¥1 M limit on stablecoin transactions.
Singapore continues to take a stricter approach toward retail customers. The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, has applied a separate regime for single-currency stablecoins since July 1, 2026. It sets requirements for issuers, reserves, and the redemption of these tokens. MAS has also banned staking and lending for retail customers and restricted the marketing of crypto products, which is why Zhao described Singapore as more conservative.
Pakistan has already passed the Virtual Assets Act, which came into force on March 5, 2026, but has yet to issue full licenses. The Pakistan Virtual Assets Regulatory Authority (PVARA) portal, through which exchanges and custodians apply to operate in the country, opened on August 21–22. Existing platforms must submit their applications by September 5.
Binance and HTX, formerly Huobi, received preliminary No Objection Certificates (NOCs) back in December 2025. The document confirms that the regulator has no objection to the registration of a local company and the preparation of a full application, but it does not replace a license or allow the platforms to accept customer deposits.
Kazakhstan is developing crypto payments through its banking infrastructure. Binance Pay is already operating on 5,000 POS terminals at Alatau City Bank: customers pay for purchases in crypto using a QR code, while merchants receive tenge at a fixed exchange rate. In June 2026, Kazakhstan signed a memorandum with Solana Company as part of the Alatau City crypto cluster project, which is valued at around $6 B.