Before a technical issue, CUD seemed interested in accepting cryptocurrency tuition and course fees from domestic and international students.
Dubai introduced cryptocurrency laws for virtual asset service providers on February 7, when Binance was exploring cooperation with CUD (VASPs).
The euphoria surrounding the short-lived project was dampened by a technical snag less than 24 hours after the Canadian University Dubai (CUD) announced its cooperation with Binance Pay to take course fees in cryptocurrencies.
It seems that CUD, a private institution in Dubai, was interested in enabling domestic and foreign students to pay their tuition and course costs in cryptocurrencies. This effort would have made it simple for kids in Dubai from a variety of backgrounds to access the Canadian curriculum.
Businesses may incorporate support for cryptocurrency payments using Binance Pay, a payment gateway service introduced by the cryptocurrency exchange Binance. The university's first announcement stated that the Binance relationship had enabled it to have responded to the evolving digital payment landscape.
There are no transaction fees with Binance Pay, which supports over 200 cryptocurrencies including Bitcoin ($21,776) and Ethereum ($1,524). Binance organised a cryptocurrency workshop and informational session for CUD on February 7 where students learned about the basics of blockchain and cryptocurrencies, Web3, and the metaverse.
More than 1800 domestic and foreign students attend CUD and pay a yearly tuition cost of $18,000 to be enrolled in one of the 25 undergraduate and six graduate programs.
Dubai announced cryptocurrency legislation for suppliers of virtual asset services on February 7, just as Binance was considering cooperation with CUD (VASPs). The Full Market Product Regulations were released by the Virtual Asset Regulatory Authority and include four rulebooks that are required to be followed as well as activity-specific rulebooks that specify how VASPs must be run.
Regulatory clarity is excellent for business, according to Irina Heaver, a blockchain and cryptocurrency attorney based in the United Arab Emirates. It benefits investors, consumers, and the Emirate of Dubai. The long-awaited regulations are generally appreciated.
