TL;DR Breakdown
- Binance signs MoU with Dubai to deepen crypto adoption, regulation.
- Exchange in talks with authorities to setup its headquarters in Dubai.
Towards advancing crypto adoption and improving crypto regulations, Binance exchange signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA). The MoU was signed to outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets.
Binance exchange signed the MoU with DWTCA after authorities in the middle eastern country declared that the center was going to become a comprehensive zone to oversee crypto regulation in the country.
In lieu to the MoU, Binance exchange would help Dubai improve its commitment to establishing an ecosystem for virtual assets that will generate long-term economic growth.
DWTCA partnership comes less as a surprise as the center announced previously that it will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross-border deal-flow tracing.”
Binance exchange to create “progressive” crypto regulation in Dubai
It can be best described as a reversal of fortune that a firm hunted by regulators across different countries is set to be behind regulation in one of the fastest-growing economies in the world.
As part of the agreement in the MoU signed by the exchange and DWTCA, Binance will help the center establish a crypto regulatory framework.
Binance said it would share its experience in collaborating with global regulators with the authority to aid the development of “progressive” crypto regulations.
According to the exchange, the goal is to assist other crypto exchanges and firms that offer blockchain and Distributed Ledger Technology (DLT) services and a wide range of digital currencies and assets to become licensed in Dubai.
It is worth noting that the partnership between Binance and Dubai comes in the wake of news that Binance is trying to set up its headquarters in the UAE.
The exchange over the past days has been in talks with authorities to cement its headquarters in the Arab country.
