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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