Binance establishes contract with Dubai WTC. According to a press release issued on Tuesday. The cryptocurrency exchange Binance has entered into a collaboration agreement. With the Dubai World Trade Centre Authority. Which is seeking to develop an international virtual asset ecosystem.
Dubai World Trade Centre (DWTC) will be designated as a crypto zone and regulator. For cryptocurrencies and other virtual assets, according to a statement released. By the Dubai Media OffMice on Monday. The move comes as regional economic competition heats up. Making it more difficult for existing companies to compete for new business.
An official statement said the decision to establish a virtual assets zone. At the Dubai World Trade Center – which will include digital assets. As well as products and services from virtual asset operators and exchanges. Is part of a larger effort by Dubai, one of the seven emirates. That make up the United Arab Emirates, to also develop new economic sectors. Dubai is one of the seven emirates that make up the United Arab Emirates.
According tco the report, criteria for investor protection, anti-money laundering standards. Counter-terrorist financing standards, compliance standards. And cross-border deal flow tracing standards will also all be developed.
The UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority. Reached an agreement in September on a framework for financial operations. Which includes cryptocurrency assets. The framework will also be implemented in the coming months (DWTCA). According to the framework, the DWTCA can authorize and license financial activities. That involve cryptographic assets.
Another free zone in Dubai opened its doors to the public in October. It is now legal to trade in digital tokens in the DIFC. Which Dubai’s state-owned financial free zone and is the Middle East’s most important financial center. The DIFC has also released the first piece.
Binance, the world’s most active cryptocurrency exchange
A statement from Binance, the world’s largest cryptocurrency exchange. In terms of trading volume, stated that it plans to assist. On the establishment of virtual asset rules in the United Arab Emirates.
In the statement, it stated that the goal is to assist crypto exchanges. Firms that also provide blockchain and distributed ledger technology (DLT) services. Or a wide range of digital currencies and assets to also become licensed in Dubai.
The cryptocurrency exchange Binance has been under fire from financial regulators. Throughout the world this year, with some blocking the platform from specific activities. And others advising users that it not also licensed to operate in their jurisdictions.
Additionally, According to CEO Changpeng Zhao, who responded in July, he wished to repair relations with regulatory authorities.
It was agree in September by the Dubai World Trade Centre Authority (DWTCA). A so-called free zone within the United Arab Emirates. On a framework allowing it to authorize and license crypto-related financial transactions.
In addition, the Dubai International Financial Centre (DIFC), another free zone in Dubai. Announced the first section of a legal framework for digital tokens in October. Marking the beginning of the second phase of the framework.
“Through our leadership position and expertise, in conjunction. With Dubai’s long-term vision, we intend also to establish a regulatory framework. That also suited for the fast-moving and progressive nature of virtual assets,” Zhao stated and Binance establishes contract.