Binance Signs Cryptocurrency Deal With Dubai World Trade Centre. Know Its Significance
The world’s largest cryptocurrency trading platform, Binance recently entered into an agreement with the Dubai World Trade Center Authority (DWTCA), which is attempting to establish an international virtual asset ecosystem. With this deal, Binance became one of the first cryptocurrency exchanges to join the new crypto hub of DWTCA. Binance will contribute to Dubai’s goal of creating a new international virtual asset ecosystem that will drive long-term economic growth through digital innovation. This agreement will go a long way towards assisting the UAE in attracting new companies.
In an announcement, Binance said the deal will help the company outline its vision of DWTCA to “accelerate the establishment of a new industry hub for global virtual assets”. Outlining the company’s goal, Binance said it seeks to “help crypto exchanges, businesses that provide blockchain and distributed ledger technology (DLT) services, and digital currencies and assets to be licensed in Dubai.” a wide range”.
A few days ago, Binance CEO Changpeng Zhao tweeted just one word – “Dubai” – after the company signed the deal with DWTCA.
– CZ???? Binance[@cz_binance] December 21, 2021
The DWTCA is a free zone in the United Arab Emirates. In September, it agreed to a framework that would enable it to authorize and license cryptocurrency-related financial transactions. Another free zone, the Dubai International Financial Center, launched the first phase of the regulatory framework for digital tokens a month later in October.
Binance believes that Dubai’s new agenda will help the world economy grow. To aid in the development of virtual asset law, the company will share its experience engaging with regulators worldwide.
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 flagged off Binance operations. As a result, the cryptocurrency exchange’s agreement with DWTCA could be significant for the company.