The Dubai World Trade Centre Authority (DWTCA) has signed a cooperation agreement with Binance, the international blockchain and cryptocurrency infrastructure provider, to establish a new international Virtual Asset ecosystem that enhances Dubai's position as a global hub for the industry and generates long-term economic growth through digital innovation.
The agreement follows a recent announcement establishing DWTCA as the comprehensive zone and regulator for virtual assets and reflects Dubai’s continuous efforts to adopt advanced technologies, especially in the fintech sector.
Binance is one of the largest cryptocurrency exchanges in the world, responsible for $7.7 trillion crypto exchange volume in 2021, while the daily trading volume is around $80 billion, and the number of users is estimated at 28 million.
The agreement reflects DWTCA’s commitment to engage with global industry shapers, and thought leaders, in order for Dubai to be able to create the first-of-its-kind ‘model’ Virtual Assets framework for the international community.
As per the agreement, Binance will also 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 help crypto exchanges, or businesses that offer blockchain and DLT services, or a wide range of digital currencies and assets to become licensed in Dubai.
Dubai’s Virtual Asset ecosystem aims to create a robust regulatory and legislative framework that will support innovation, ensure safe market adoption, and facilitate global acceptance.
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