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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.”

Binance agrees to help Dubai develop ‘progressive virtual asset regulations’

Photo by ZQ Lee on Unsplash

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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.

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.

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.