Dubai World Trade Centre is set to become an ecosystem that supports cryptocurrencies as well as providers of services related. As part of its efforts to support new industries, the Dubai World Trade Centre will become a comprehensive ecosystem for cryptocurrencies and providers of related services. Binance is a crypto company that Binance intends to assist.
Dubai World Trade Centre will host and regulate crypto space
A special area at Dubai World Trade Centre will allow businesses to sell their digital assets. This is according to the United Arab Emirates authorities. 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 UAE Headquarters
Dubai authorities stressed the fact that the DWTC would work with the private sector as well as other relevant agencies to foster a crypto ecosystem. 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 is interested in licensing such cryptocurrency trading platforms as well as other blockchain-related businesses.
Binance signed a memorandum with Dubai World Trade Centre to share its experiences with other regulators. The company made this announcement on Tuesday. Bloomberg reported that Binance has been in negotiations with Abu Dhabi and Dubai to establish its UAE headquarters.
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. According to a statement issued Tuesday, this executive said:
Although adoption of cryptocurrency and blockchain technology is still in its early stages, our leadership and expertise combined with Dubai’s long-term vision will allow us to create a regulatory framework that fits the rapid-moving, progressive nature of virtual assets.
According to the report, Dubai is an energy-rich city that has tried to increase non-oil economic growth to sustain its economy. This includes the Dubai World Trade Centre project, which will make it a safe zone to conduct cryptocurrency transactions.
Are you optimistic that Dubai will become a major crypto hub in the future? Leave a comment below.
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