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Crypto exchange Binance has joined Dubai’s efforts to create its crypto zone. The company has recently signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to help accelerate setting up the city’s industry hub for 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,” Binance said in a blog post.
United Arab Emirates authorities announced plans of establishing a special zone at the Dubai World Trade Centre (DWTC) that will house businesses that offer digital asset products and services, according to Bitcoin.com. The DWTC will be tasked with regulating the crypto sector to enforce “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.”
The aim of the project is to accelerate the development of Dubai’s virtual assets market via the introduction of a regulatory framework that will encourage innovative financial products. Dubai’s goal is to improve its status as a global business center with the adoption of blockchain-related trends.
The DWTC will work with the private sectors and other entities to promote a crypto-friendly environment. This is where Binance, the world’s largest crypto exchange in terms of volume, comes in as it shares its rich experience in dealing with regulators worldwide.
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy,” the company said. “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. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”
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