Binance, the world’s biggest crypto exchange, has signed a deal with the Dubai World Trade Center to establish an industry hub in the United Arab Emirates (UAE) capital.
The exchange signed a Memorandum of Understanding (MoA) with the Dubai World Trade Centre Authority (DWTCA) for a vision of accelerating the building of a new crypto hub.
Binance hopes to help advance Dubai’s goals of establishing a “virtual asset ecosystem” and generate economic growth through digital innovation.
“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is to assist crypto exchanges, businesses that offer blockchain and Distributed Ledger Technology (DLT) services, and a wide range of digital currencies and assets to become licensed in Dubai.”
Previously, in a separate announcement, the DWTCA said that it intended on becoming “a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.”
“The Dubai World Trade Centre 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.”
Last week, the CEO of UAE state-owned $243 billion sovereign wealth fund revealed they were investing in crypto. Speaking in an interview with CNBC, Khaldoon Al Mubarak said that he was no longer a skeptic of the space, and was looking into investing in its ecosystem.
“First of all, I think it’s real. I think this is a business that had what, $200 billion worth of crypto value two years ago and it’s $2.5 trillion today, and growing. So I think while many people are skeptics, I do not fall in that category. I think now I see it as real.
Now I think the regulatory environment that isn’t there yet in its final form, and will have to be there at some point, will have to come in and will help transition this asset class into something new.”