Dubai: Cryptocurrency exchange Binance announced that they signed a cooperation agreement with the Dubai World Trade Centre Authority (DWTCA) on Tuesday.
The news comes in alignment with DWTC update on Monday about becoming a crypto zone and regulator for cryptocurrencies and other virtual assets.
This, they said, is an effort to attract new business given the state of economic affairs within the country has become very competitive.
The statement further said that this move by the DWTC to create a specialized zone for virtual assets which encompasses all kinds of digital assets, products, operators, and exchanges, is to create new economic sectors. This, they added, is a part of a drive by Dubai, one of the United Arab Emirates federation of seven emirates.
The report said, “Rigorous standards for investor protection, anti money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing.” The DUbai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector.
The plans for the move were brewing for a long time as in September 2021, the UAE Securities and Commodities Authority and the DWTCA signed for a framework allowing, and approving the licenses for financial activities relating to crypto assets.
Later in October, the first part of a regulatory framework for digital tokens was released by Dubai free zone DIFC, which is Dubai’s state-owned financial free zone, and the Middle East’s major finance center.
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