Dubai to Create Crypto Zone, Binance Joins Effort
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Loading... - Mandy Hill
- 23 Dec 2021
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Dubai World Trade Centre to Host and Regulate Crypto Space
Authorities in the United Arab Emirates plan to establish a special zone at the Dubai World Trade Centre (DWTC) from which businesses dealing with digital assets will be able to offer their products and services. 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 Headquarters in UAE
Dubai authorities also emphasized that the DWTC will work together with the private sector and other relevant entities to create an attractive environment for the crypto industry. 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 wants to license such crypto trading platforms and other blockchain businesses.
Under a memorandum of understanding signed with the authority governing the Dubai World Trade Centre, Binance will share its experience with regulators in other jurisdictions with the administration, the company announced on Tuesday. A report by Bloomberg revealed that the exchange has been negotiating with Dubai and Abu Dhabi to set up its headquarters in UAE.
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. The executive has been quoted as saying in a statement released on Tuesday: Read More…
