Binance believes that Dubai's new agenda would help the global economy grow.
Binance, the world's largest cryptocurrency trading platform, recently struck a deal with the Dubai World Trade Center Authority (DWTCA), which seeks to establish an international virtual asset ecosystem. With this deal, Binance became one of the first cryptocurrency exchanges to join the new DWTCA crypto hub. Binance will contribute to Dubai's goal of creating a new international virtual asset ecosystem that would stimulate long-term economic growth through digital innovation. This agreement will go a long way in helping the UAE to attract new companies.
Meaning
In a advertisement, Binance stated that with this agreement the company will help DWTCA to "outline the vision of accelerating the configuration of a new industrial hub for Global Virtual Assets." Describing the company's goal, Binance said it wanted to "help crypto exchanges, companies offering blockchain services and distributed ledger technology (DLT), and a wide range of currencies and digital assets to license in Dubai. ".
A few days ago, Changpeng Zhao, the CEO of Binance, tweeted just one word, "Dubai," after the company signed the deal with DWTCA.
Dubai https://t.co/yzTbV76geb
- CZ ???? Binance (@cz_binance) December 21, 2021
The DWTCA is a free zone in the United Arab Emirates. In September, it agreed on a framework that would allow it to authorize and license financial transactions related to cryptocurrencies. Another free zone, the Dubai International Financial Center, began the first stage of a regulatory framework for digital tokens a month later, in October.
Binance believes that Dubai's new agenda would help the global economy grow. To assist in the development of legislation on virtual assets, the company will share its experience in interacting with regulators around the world.
Financial regulators around the world have been targeting Binance this year, with some banning the platform from certain operations and others informing consumers that it is not licensed to operate in their territories. Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland, are among the countries that have marked Binance operations. As a result, the cryptocurrency exchange's deal with the DWTCA could be significant for the company.
