Binance Holdings is in talks to obtain a license to operate in Dubai, Bloomberg reported Wednesday, citing a person familiar with the matter.

The crypto exchange, the world’s largest by trading volume, is in talks with the Dubai World Trade Centre free zone to acquire a license to operate as a virtual asset service provider, according to Bloomberg’s source.In December, Binance signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to help establish Dubai as a new industry hub for Global Virtual Assets.In a tweet on Wednesday morning, Binance CEO Changpeng Zhao praised Dubai’s adoption of its first law governing virtual assets, which included establishing a regulator to oversee such assets. “Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward,” Zhao wrote.

Binance has already received preliminary approval from Bahrain’s central bank to become a crypto asset service provider there, according to Bloomberg.Binance did not immediately respond to a request for additional comment.

Read more: UAE to Issue Crypto Licenses in Bid to Become Industry Hub: Report