Cryptocurrency exchange Binance has signed a deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem.
The Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, as the United Arab Emirates seeks to attract new business amid regional competition.
Binance, the world’s biggest cryptocurrency exchange by trading volumes, said it intends to assist the development of virtual asset regulations in Dubai.
Financial regulators targeted Binance, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions.
Dubai World Trade Centre Authority (DWTCA) agreed a framework in September allowing it to approve and licence crypto-related financial activities.
in October, Dubai International Financial Centre (DIFC) released the first part of a regulatory framework for digital tokens.
“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,” Zhao said.
