Less than 24 hours after the Canadian University of Dubai (CUD) announced it was partnering with Binance Pay to accept cryptocurrency course fees, a technical hurdle dampened the excitement behind the short-lived initiative.
CUD, a private university in Dubai, appears to be interested in letting domestic and international students pay for tuition and course fees in cryptocurrencies. This move would have made it easy for students from all backgrounds to access Canadian programs in Dubai.
Binance Pay is a payment gateway service launched by cryptocurrency exchange Binance that allows businesses to integrate support for cryptocurrency payments. According to the university’s original statement, the partnership with Binance allows the institution to “adapt to the changing digital payments space.”
Binance Pay supports over 200 cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, Zero fees per transaction. On February 7, Binance hosted a cryptocurrency workshop and information session for CUD, teaching students about blockchain and crypto fundamentals, Web3, and the Metaverse.
Dubai issued crypto regulations for virtual asset service providers (VASPs) on Feb. 7, as Binance considered a partnership with CUD. The virtual asset regulator has published its market-wide product regulations, which include four mandatory rulebooks and a campaign-specific rulebook that set out the rules for operating VASPs.
Irina Heaver, a cryptocurrency and blockchain lawyer in the United Arab Emirates, told Cointelegraph, “Regulatory certainty is very good for business. It’s good for consumers, investors, and the Emirate of Dubai. These regulations are long-awaited and mostly popular."
