On Tuesday, Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, said that it has signed a cooperation agreement with the Dubai World Trade Centre Authority (DWTCA). The cooperation agreement has been signed to help advance Dubai’s commitment to establishing a new international virtual asset ecosystem that will generate sustainable economic growth through digital innovation.
The Dubai World Trade Centre (DWTC) said on Monday that it will become a crypto zone and regulator for cryptocurrencies and other virtual assets, part of efforts by the United Arab Emirates to attract new business as regional economic competition heats up.
Building on Dubai’s reputation as a global technology leader, the recent announcement to establish DWTCA as the broader sector and regulator of virtual assets comes as a much-anticipated signal to the global industry. This first-of-its-kind hub for crypto assets and blockchain services will foster entrepreneurship, increase market confidence and accelerate investment.
Dubai’s virtual asset ecosystem aims to create a robust regulatory and legislative framework that will support innovation, ensure secure market adoption and facilitate global acceptance.
As the leading blockchain and cryptocurrency ecosystem, Binance’s commitment to the landmark protocol demonstrates its belief in the agenda that will shape the future of Dubai to tap into a new wave of multi-sectoral development in the global economy.
Binance will also participate in this knowledge-sharing ecosystem and with its experience will collaborate with global regulators to aid in the development of progressive virtual asset regulations. The goal is to help crypto exchanges, or businesses that offer a wide range of blockchain and DLT services, or digital currencies and assets, to be licensed in Dubai.
— Binance (@binance) December 21, 2021