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Monday, March 7, 2022

Dubai to Create Crypto Zone, Binance Joins Effort.

Created By Grizler
Dubai World Trade Center will be a complete ecosystem for cryptocurrencies and related service providers. The move is part of an effort to support new industries and the emirate aims to get help from crypto companies such as Binance.
Dubai World Trade Center will capture and control Crypto Space


Authorities in the United Arab Emirates are planning to establish a special facility at the Dubai World Trade Center (DWTC) where businesses that deal with digital assets will be able to offer their products and services. The Dubai government has announced that the DWTC will once again play a leading role in regulating the sector, enforcing stricter investor protection measures, anti-money laundering (AML), counter-terrorism financing (CFT) and the flow of border agreements. to follow. ”

According to the official announcement, the goal is to further improve Dubai's real estate environment and market by introducing a regulatory framework for new financial products that integrates legal and regulatory policies. Officials hope that this will facilitate the adoption of new blockchain-related styles and improve Dubai's position as a global business center.
 
Binance Considers Headquarters in UAE
Dubai authorities have also insisted that DWTC will work with private companies and other relevant organizations to create an attractive environment in the crypto industry. One such deal has already been agreed with Binance, the world's largest digital asset exchange, reports the Straits Times. Dubai wants to license crypto trading platforms and other blockchain businesses.

Under a memorandum of understanding signed with the governing body of the Dubai World Trade Center, Binance will share information with regulators elsewhere and management, the company announced Tuesday. A Bloomberg report revealed that the exchange was in talks with Dubai and Abu Dhabi to establish its headquarters in the UAE.
According to the Straits Times, Binance founder and CEO Changpeng Zhao recently bought a home in Dubai and met with senior representatives of the local crypto industry while praising the emirate status of pro-crypto on social media. The official was quoted as saying in a statement issued on Tuesday:

Today, the adoption of crypto and blockchain technology is still in its infancy, but with our leadership position and capability, combined with Dubai's long-term vision, we plan to build a regulatory framework that is in line with Dubai's rapid and sustainable environment. tangible property.

The report notes that energy-rich Dubai has been trying to boost non-oil growth to ensure its economic stability. The project to transform the Dubai World Trade Center into a controlled environment for cryptocurrency operations is part of this effort.

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Do you expect Dubai to become a crypto hotspot soon?