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    Friday, December 24, 2021

    Dubai to Create Crypto Zone, Binance Joins Effort

    Authorities in the United Arab Emirates intend to build up a special zone at the Dubai World Trade Center (DWTC) from which organizations dealing with digital assets will actually want to offer their products and services.

    The government of Dubai declared that the DWTC will likewise assume the part of a controller for the area, implementing “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.” The report notes that energy-rich Dubai has been trying to boost non-oil growth in order to ensure the sustainability of its economy.

    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.

    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.

    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.

    Today, the adoption of crypto and blockchain technology remains in its infancy, but 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.

    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:

    The project to turn the Dubai World Trade Centre into a regulated zone for cryptocurrency operations is part of these efforts.

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