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Dubai Will Create Crypto Zone, Binance Joins

Dubai World Trade Centre will be a hub for cryptocurrency and related services. This is part of the UAE’s efforts to support new industries. Binance and other crypto companies will be able to help.

Dubai World Trade Centre will host and regulate crypto space

The United Arab Emirates plans to create a special zone at Dubai World Trade Centre (DWTC), where businesses that deal with digital assets can offer their products or services. Dubai’s government announced that the DWTC would also be acting as a regulator in the sector. It will enforce “rigorous standards of investor protection, anti money laundering (AML), combating financing of terrorism compliance (CFT), and cross-border deal flow tracing.”

Officially, this announcement stated that the goal of the regulatory framework is to create a regulatory framework for financial products and innovative financial products in Dubai. It also includes legislative and enforcement policies. Officials believe this will encourage the adoption of blockchain-related trends, and increase Dubai’s status as a global business hub.

Binance Considering UAE Headquarters

Dubai authorities stressed that the DWTC would work with the private sector as well as other relevant entities to create a favorable environment for the cryptocurrency industry. According to the Straits Times, one such collaboration was already reached with Binance. Binance is the largest digital asset exchange by volume. Dubai is interested in licensing such crypto trading platforms as well as other blockchain businesses.

Binance signed a memorandum with Dubai World Trade Centre to share its experiences with regulators from other jurisdictions. The company announced Tuesday. Bloomberg reported that the exchange was in negotiations with Dubai and Abu Dhabi for its UAE headquarters.

According to the Straits Times’, Binance’s CEO Changpeng Zhao bought a house in Dubai recently. He also met with key members of the crypto industry and praised the Emirate’s pro-crypto position on social media. In a Tuesday statement, the executive was quoted as saying:

Although adoption of cryptocurrency and blockchain technology is still in its infancy today, our leadership and expertise, along with the long-term vision and goals of Dubai, will help us to create a regulatory framework that fits the rapid-moving, progressive nature of virtual assets.

According to the report, Dubai is an energy-rich city that has tried to increase non-oil growth to ensure its economic sustainability. These efforts include the project to make Dubai World Trade Centre a regulated area for cryptocurrency operations.