Binance Signs Agreement with Dubai World Trade Centre Authority to Establish an Industry Hub for Global Virtual Assets
Agreement
Binance signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA) to outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets. With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem. Ecosystem will generate long-term 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. Main thing is to share 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. As well as a wide range of digital currencies and assets to become licensed in Dubai.
The new agreement in Dubai would play a major role for Binance and its plans to conquer the Asian pacific markets. Earlier, the leading crypto exchange also announced a new crypto venture in Indonesia with the country’s top telecom provider. The Indonesian crypto venture was confirmed just days after Binance’s affiliate exchange in Singapore pulled out its crypto license which was pending for over six months now.
Quotes
Changpeng Zhao (CZ), Founder and CEO of Binance, said: “I am grateful for the confidence the Dubai World Trade Centre Authority has placed in Binance. Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain. Today, the adoption of crypto and blockchain technology remains in its infancy, but through our leadership position and expertise, combined with the long-term vision of Dubai, we plan to develop a regulatory framework appropriate to fit the fast-moving and progressive nature of virtual assets.”
Dubai World Trade Centre Authority remarked: “The new Virtual Assets Hub in Dubai will connect service providers, technology enablers, and governments to co-create the next generation future economy ecosystem for the Virtual Assets industry. Our pioneering ‘test-adapt-scale’ model is designed to accelerate secure, equitable and sustainable access to new growth opportunities, aiding Dubai’s vision for a fully digital and inclusive global society.”
