UAE - Mubasher: Binance, a blockchain and cryptocurrency infrastructure provider, has inked an agreement with the Dubai World Trade Centre Authority (DWTCA) to enable Dubai to create a new international virtual asset ecosystem.
Under the agreement, Binance will contribute to developing virtual asset regulations to help crypto exchanges or businesses to become licensed in Dubai, according to a press release on Tuesday.
The agreement was reached following the recent announcements establishing DWTCA as the comprehensive zone and regulator for virtual assets and crypto.
This first-of-its-kind hub for crypto assets and blockchain services will support entrepreneurship, accelerate investment, and achieve economic growth through digital innovation.
The Founder and CEO of Binance, Changpeng Zhao (CZ), said: "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."
