The Canadian University Dubai (CUD) has announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a technical roadblock watered down the excitement behind the short-lived initiative.
It has been reported that CUD, a private university in Dubai, was seemingly interested in allowing domestic and international students to pay their tuition and course fees in cryptocurrencies. This initiative would have allowed students from varied backgrounds easy access to the Canadian curriculum in Dubai.
However, Binance Pay, a payment gateway service launched by crypto exchange Binance, allows businesses to integrate support for cryptocurrency payments. According to the university’s initial announcement, the Binance partnership allowed the institution to “have adapted to the transforming digital payment space.”
The report said that Binance Pay supports over 200 cryptocurrencies, including Bitcoin, Dogecoin, and Ether, and charges zero fees per transaction. On Feb. 7, Binance hosted a cryptocurrency workshop and information session for CUD where students were taught about blockchain and crypto fundamentals, Web3 and the metaverse.
Likewise, CUD is home to over 1800 domestic and international students — enrolled in one of the 25 undergraduate and six graduate programs — who pay a yearly tuition fee of $18,000. On Feb. 7, when Binance was eyeing a partnership with CUD, Dubai released crypto regulations for virtual asset service providers (VASPs).
The Virtual Asset Regulatory Authority issued its Full Market Product Regulations, which include four compulsory rulebooks and activity-specific rulebooks that lay down the rules for operating VASPs.
Thus, Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, said:
“Regulatory certainty is very good for business. It is good for consumers, investors and the Emirate of Dubai. The regulations are long-awaited and mostly welcomed.”