Binance Signs Agreement to Participate in World’s First Virtual Asset Ecosystem with Dubai World Trade Centre Authority

By AIT News Desk On Dec 21, 2021

Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, and the Dubai World Trade Centre Authority (DWTCA) have signed a cooperation agreement to help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.

Building off Dubai’s reputation as a global technology leader, the recent announcement establishing DWTCA as the comprehensive zone and regulator for virtual assets comes as a much-awaited signal for the global industry. This first-of-its-kind hub for crypto assets and blockchain services, will fuel entrepreneurship, boost market confidence and accelerate investment.

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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As the leading blockchain and cryptocurrency ecosystem, Binance’s commitment to the landmark agreement demonstrates its confidence in Dubai’s future-shaping agenda to tap into a new wave of multi-sectoral growth across the global economy.

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.”

Binance will also participate in this knowledge-sharing ecosystem with 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.

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