The largest crypto exchange in the world, Binance, has signed a Memorandum of Understanding (MoA) with the Dubai World Trade Center Authority to establish a new crypto hub in Dubai.
Binance aims to advance Dubai’s goals of establishing a “virtual asset ecosystem” and generate economic growth through digital innovation.
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. 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.”
Previously, in a second announcement, the DWTCA revealed that it plans on becoming “a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.”
“The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.”
Last week, the chief executive officer of UAE state-owned $243 billion sovereign wealth fund said that they had investments in cryptocurrencies. Khaldoon Al Mubarak, during an interview with CNBC, revealed that he was no longer skeptical of the space and is now set to invest in its ecosystem.
“First of all, I think it’s real. I think this is a business that had what, $200 billion worth of crypto value two years ago and it’s $2.5 trillion today, and growing. So I think while many people are skeptics, I do not fall in that category. I think now I see it as real. Now I think the regulatory environment that isn’t there yet in its final form, and will have to be there at some point, will have to come in and will help transition this asset class into something new.”
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Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.