Dubai World Trade Center will become a comprehensive ecosystem of cryptocurrency and related service providers. This move is part of an effort to support the new industry, and the UAE intends to seek help from crypto companies such as Binance.

Dubai World Trade Center will host and supervise crypto space

The UAE authorities plan to establish a special zone in the Dubai World Trade Center (The World Trade Center) Companies that deal with digital assets will be able to provide their products and services. The Dubai government announced that DWTC will also play the role of regulator of the industry, implementing “strict standards for investor protection, anti-money laundering (AML), counter-financing of terrorism (CFT) compliance and cross-border transaction flows”. Track down. “

According to the official announcement, the goal is to further develop Dubai’s virtual asset space and market by introducing virtual assets. Regulatory framework Innovative financial products, including legislation and enforcement policies. Officials hope this will help adopt new trends related to blockchain and enhance Dubai’s status as a global business center.

Binance considers setting up a headquarters in the UAE

The Dubai authorities also emphasized that DWTC will work with the private sector and other related entities to create an attractive environment for the crypto industry.Have agreed to such a cooperation BinanceAccording to The Straits Times, it is the world’s largest digital asset exchange in terms of trading volume. Dubai hopes to obtain licenses for such encrypted trading platforms and other blockchain businesses.

The company announced on Tuesday that Binance will share its experience with regulators in other jurisdictions under a memorandum of understanding signed with the Dubai World Trade Center management agency. A Bloomberg report shows that the exchange has been negotiating with Dubai and Abu Dhabi to set up a headquarters in the UAE.

According to the Straits Times, the founder and CEO of Binance, Changpeng Zhao, recently bought a house in Dubai and met with key representatives of the local crypto industry. At the same time, he praised the UAE’s Pro-encryption Position on social media. The executive was quoted in a statement released on Tuesday:

Today, the adoption of encryption and blockchain technology is still in its infancy, but through our leadership and expertise, combined with Dubai’s long-term vision, we plan to develop a regulatory framework for virtual assets that is suitable for rapid development and progress.

The report pointed out that energy-rich Dubai has been working hard to promote non-oil growth to ensure the sustainability of its economy. The project to transform the Dubai World Trade Center into a regulatory zone for cryptocurrency operations is part of these efforts.

Do you expect Dubai to become a cryptocurrency hotspot in the near future? Tell us in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.