Dubai wants to set up crypto zone, Binance joins the efforts-
Dubai wants to set up crypto zone, Binance joins the efforts-
The Dubai World Trade Center becomes a comprehensive ecosystem for cryptocurrencies and providers of corresponding services. The move is part of the efforts to support new industries and the Emirate intends to receive help from crypto companies like Binance.
Dubai World Trade Center should accommodate and regulate Crypto Space
authorities of the United Arab Emirates plan the establishment of a special zone at the Dubai World Trade Center ( dwtc ) about the companies that can work with digital assets. Dubai's government announced that the DWTC will also play the role of a regulatory authority for the sector, the "strict standards for investor protection, combating money laundering (AML), combating the terrorism financing (CFT) compliance and crossing dealflow". "
According to an official announcement, the goal is to further develop the space and market for virtual assets in Dubai by a target = "_ blank" href = "https://news.bitcoin.com/dubai-financial-watchdog-to-rense-consultation-papers-for-a-crypto-regulatory-framework/" Rel = "noopener"> legal framework for innovative financial products that contain legislative and enforcement guidelines. Officials hope that this will facilitate the acceptance of new blockchain-related trends and to improve Dubais as a global business center.
Binance is considering the headquarters in the United Arab Emirates
The Dubai authorities also emphasized that the DWTC will work with the private sector and other relevant institutions to create an attractive environment for the crypto industry. Such cooperation has already been agreed Binance , the largest stock exchange for digital wealth values, reported the Strits Times. Dubai wants to license such crypto trading platforms and other blockchain companies.
As part of a agency that is responsible for the Dubai World Trade Center, Binance will share his experience with supervisory authorities in other legal systems with the administration, the company announced on Tuesday. A report by Bloomberg showed that the stock exchange with Dubai and Abu Dhabi negotiated their headquarters in the United Arab Emirates.
According to Straits Times, the founder and CEO of Binance, Changpeng Zhao, recently bought a house in Dubai and met important representatives of the local crypto industry while he praised the emirats pro-krypto attitude in social media. The executive was quoted in a statement published on Tuesday:
Today, the introduction of crypto and blockchain technology is still in its infancy, but through our management position and our specialist knowledge, combined with the long-term vision of Dubai, we plan to develop a framework of regulation that the fast-moving and advanced nature of virtual assets.
The report notes that the high -energy Dubai tried to boost growth without oil to ensure the sustainability of its economy. The project to transform the Dubai World Trade Center into a regulated zone for cryptocurrency transactions is part of this effort.
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