Binance, a cryptocurrency exchange based in Seychelles, said it had agreed to establish an international virtual asset ecosystem with the Dubai World Trade Centre Authority, which is striving to build one.
According to the announcement by the Dubai World Trade Centre (DWTC), it will emerge as a crypto zone and play a crucial role in the regulation of cryptocurrencies & several other virtual assets.
It said it is a great step especially when the United Arab Emirates makes efforts to attract new business following the regional competition.
The world’s largest cryptocurrency exchange by trading volumes, Binance, announced that it intends to support the development of virtual asset rules in Dubai.
It said the goal behind it is to facilitate crypto exchanges or businesses that offer blockchain and DLT services. Also, it aims to make digital currencies and assets licensed in Dubai.
Binance has been assailed by global financial regulators throughout the year, with some jurisdictions completely banning it from specific activities and others warning investors that it is unlicensed to operate in their nations.
In response, in July, CEO Changpeng Zhao stated that he wished to improve regulatory ties.
The Dubai World Trade Centre Authority (DWTCA), a so-called free zone in the UAE, has signed a framework allowing it to approve and license crypto-related financial operations.
In October, Dubai International Financial Centre (DIFC), another Dubai free zone, released the first portion of a regulatory framework for digital tokens.