Dubai to Create Crypto Zone, Binance Joins Effort

Dubai to Create Crypto Zone, Binance Joins Effort

The Dubai World Trade Centre will become a comprehensive ecosystem for cryptocurrencies and providers of related services. The move is part of efforts to support new industries and the emirate intends to source help from crypto companies like Binance. Dubai World Trade Centre to Host and Regulate Crypto Space

Authorities in the United Arab Emirates plan to establish a special zone at the Dubai World Trade Centre (DWTC) from which businesses dealing with digital assets will be able to offer their products and services. The government of Dubai announced that the DWTC will also play the role of a regulator for the sector, enforcing “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.”

According to an official announcement, the goal is to further develop Dubai’s virtual assets space and market by introducing a regulatory framework for innovative financial products that includes legislative and enforcement policies. Officials hope this will facilitate the adoption of new blockchain-related trends and improve Dubai’s standing as a global business center. Binance Considering Headquarters in UAE

Dubai authorities also emphasized that the DWTC will work together with the private sector and other relevant entities to create an attractive environment for the crypto industry. One such collaboration has already been agreed with Binance, the world’s largest digital asset exchange in terms of volume, the Straits Times reported. Dubai wants to license such crypto trading platforms and other blockchain businesses.

Under a memorandum of understanding signed with the authority governing the Dubai World Trade Centre, Binance will share its experience with regulators in other jurisdictions with the administration, the company announced on Tuesday. A report by Bloomberg revealed that the exchange has been negotiating with Dubai and Abu Dhabi to set up its headquarters in UAE.

According to the Straits Times, Binance’s founder and CEO Changpeng Zhao recently bought a home in Dubai and met key representatives of the local crypto industry while praising the emirate’s pro-crypto stance on social media. The executive has been quoted as saying in a statement released on Tuesday: Today, the adoption of crypto and blockchain technology remains in its infancy, but through our leadership position and expertise, combined with the long-term vision of Dubai, we plan to develop a regulatory framework appropriate to fit the fast-moving and progressive nature of virtual assets.

The report notes that energy-rich Dubai has been trying to boost non-oil growth in order to ensure the sustainability of its economy. The project to turn the Dubai World Trade Centre into a regulated zone for cryptocurrency operations is part of these efforts. Tags in this story abu dhabi, Binance, Changpeng Zhao, Collaboration, companies, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, CZ, Digital Assets, Dubai, Dubai World Trade Centre, DWTC, Ecosystem, Exchange, Exchanges, headquarters, providers, Regulation, Regulations, UAE, virtual assets, zone

Do you expect Dubai to become a crypto hotspot in the near future? Tell us in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Pakistanis Own $20 Billion in Crypto, Report Reveals NEWS | 9 hours ago Digital Currency Exchange Kraken Acquires Crypto Staking Firm Staked NEWS | 18 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDefi Marketplace and NFT Platform Arcade Raises $15 Million in Series A Funding Round Next articleReport: Illegal Trades Account for Less Than 3% of Total Bitcoin Transactions Show comments More Popular NewsIn Case You Missed ItNBA Legend Kevin Durant Joins Coinbase to Help Promote the Crypto Exchange’s Brand

American professional basketball player for the National Basketball Association (NBA) Kevin Durant, is joining Coinbase according to a recent report from Bloomberg. According to the report, Durant will appear as “a face of the brand” and will help promote the ... read more.Adidas Reveals the Originals NFT Collection With Punks Comics, Gmoney, Bored Apes Snoop Dogg, Deadmau5 and NFTs — The Sandbox Alpha Game Review Value Locked in Defi Continues to Slide, ETH Defi Dominates by 65%, Solana Transactions Reign Polygon, Reddit Co-Founder"s VC Firm Launch $200 Million Social Media Web3 Fund