Binance agrees to help Dubai develop ‘progressive virtual asset regulations’ 🚨 This article is 3 years old...
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Binance agrees to help Dubai develop ‘progressive virtual asset regulations’
The Dubai World Trade Centre Authority sets out to become a “comprehensive zone and regulator for virtual assets and crypto.”
2 min read
Updated: Dec. 27, 2021 at 8:57 am UTC
Photo by ZQ Lee on Unsplash
Cryptocurrency exchange giant Binance today announced that it has signed a Memorandum of Understanding with the Dubai World Trade Centre Authority (DWTCA) to “outline the vision of accelerating the set-up of a new industry hub for global virtual assets.”
“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation,” the company explained.
#Binance signs agreement with Dubai World Trade Centre Authority to establish an industry hub for global virtual assets.https://t.co/XtR1qfM20w
— Binance (@binance) December 21, 2021
The agreement comes just a day after the DWTCA had revealed its plans to become a “comprehensive zone and regulator for virtual assets and crypto.”
As part of this initiative, the DWTCA wants an “attractive environment” for the cryptocurrency sector by working in tandem with private companies and other “relevant entities”—one of which was revealed to be Binance.
Additionally, the DWTCA plans to “enforce rigorous standards” in areas such as investor protection, anti-money laundering, and combating the financing of terrorism. To this end, the new crypto hub will focus on “creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”
“In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations,” Binance added.
Per the announcement, this should also help crypto exchanges and other blockchain-focused companies and projects to become officially licensed in Dubai.
Yesterday, Binance CEO Changpeng Zhao was among the first to highlight the DWTCA’s new initiative on Twitter, and followed up by posting a photo of himself wearing a keffiyeh today.
— CZ 🔶 Binance (@cz_binance) December 21, 2021
As CryptoSlate reported last week, Binance has also recently partnered with an investment arm of Indonesia’s largest telecommunication company Telkom to launch a new cryptocurrency exchange in the country.
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Liam Frost
Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
