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Dubai Getting Ready to be a Cryptocurrency Hub

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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The Dubai World Trade Centre will develop into a comprehensive ecosystem for cryptocurrency and related service providers. The move is part of the Emirate's efforts to foster emerging businesses, and it plans to enlist the cooperation of crypto companies like as Binance Holdings Ltd.

Worldwide cryptocurrency exchange platform, Binance has agreed to engage on a new international ecosystem for global virtual assets with the Dubai World Trade Centre (DWTC).

The parties have agreed to collaborate in the development of a regulatory and legislative framework for virtual assets. According to the announcement made by Binance in December 2021, it will share its experience working with regulators as part of the memorandum of understanding signed with Dubai World Trade Centre.

As per sources, the world’s largest cryptocurrency exchange, Binance has been establishing ties with the United Arab Emirates (UAE) in the months leading up to the deal. Chief executive and Co-Founder of Binance, Changpeng Zhao met officials in the UAE blockchain and virtual assets industry. On Twitter and in interviews, he has been vocal about his fondness for the city's "pro-crypto" stance.

The Dubai World Trade Centre will become a hub and regulator for virtual assets and crypto, according to the Dubai government's announcement made last month. Investor protection, anti-money laundering, countering terrorism funding and cross-border deal flow tracing are among the goals set by the Dubai Government.

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