Binance which is the largest cryptocurrency exchange in the world by trading volume has signed a cooperation deal with Dubai World Trade Centre Authority to set up an international virtual asset ecosystem.
What is Binance’s Dubai World Trade Centre Deal?
Binance’s Dubai World Trade Center deal is an agreement between Dubai World Trade Center Authority and Binance to set up an international virtual asset ecosystem.
On Monday, World Trade Centre Authority also said it will become a crypto zone and regulator for cryptocurrencies and other virtual assets in the United Arab Emirates to attract new business amid regional competition.
Binance said, “The goal is to help crypto exchanges, or businesses that offer blockchain and DLT services, or a wide range of digital currencies and assets to become licensed in Dubai“.
In this year many financial regulators across the globe have targeted the Binance exchange with banning and some warnings to their customers for the reason of unlicensed to operate in their jurisdictions. After these issues, the CEO of Binance Changpeng Zhao said he will improve the relations with regulators, and this deal seems to result from that issue.
Changpeng Zhao also said, “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“.
Dubai World Trade Centre Authority (DWTCA) is a free zone in the United States Emirates. In September 2021 DWTCA agreed on a framework to approve and license crypto-related financial activities. And in October Dubai International Financial Centre (DIFC) which is another free zone in UAE released the first part of the regulatory framework for digital assets.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
