Dubai World Trade Centre Authority signs an agreement with Binance

The Dubai World Trade Centre Authority (DWTCA) has signed an agreement with Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, to create a new international virtual asset ecosystem that will strengthen Dubai’s position as a global industry hub and ensure long-term economic growth through digital innovation.

The agreement follows the recent announcement of the DWTCA as a comprehensive virtual asset zone and regulator, and reflects Dubai’s ongoing efforts to adopt cutting-edge technologies, particularly in the fintech sector.

Binance is one of the largest cryptocurrency exchanges in the world, responsible for a $7.7 trillion cryptocurrency exchange in 2021, with a daily trading volume of around $80 billion and an estimated 28 million users.

His Excellency Helal Saeed Almarri, CEO of DWTCA, said: “Innovation is one of Dubai’s words and this ‘economy of the future’ environment is designed to catalyse collaboration, drive innovation and, most importantly, provide protection. In line with Dubai’s vision of a fully digital and inclusive society, this world’s first dedicated body is Dubai’s proactive response to the industry’s call for support – so that service providers, technology intermediaries and governments can work together to create the next generation ecosystem for the global virtual asset economy.”

The agreement reflects DWTCA’s desire to engage with global industry leaders and thought leaders so that Dubai can create a first-of-its-kind ‘model’ virtual asset system for the international community.

Under the agreement, Binance will also participate in this knowledge-sharing ecosystem by sharing its expertise in collaborating with global regulators to help develop progressive regulation of virtual assets. The aim is to help crypto-exchanges or companies offering blockchain and DLT services, as well as a wide range of digital currencies and assets, obtain a licence in Dubai.

Changpeng Zhao (CZ), founder and CEO of Binance, said: “I am grateful for the trust placed in Binance by the Dubai World Trade Centre Authority. Together, we share a vision to help Dubai embrace the new economy of the future that includes cryptocurrencies and blockchain. Today, the adoption of cryptocurrencies and blockchain technology is in its infancy, but with our leadership and experience, combined with Dubai’s long-term vision, we plan to develop a regulatory framework that is aligned with the rapidly evolving and progressive nature of virtual assets.”

Dubai’s virtual asset ecosystem aims to create a robust regulatory framework that will support innovation, ensure secure market penetration and promote global acceptance.

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