The global crypto exchange Binance has signed a corporation agreement with the Dubai World Trade Centre. Through this, they are trying to establish an international virtual asset ecosystem.
The Dubai World Trade Centre (DWTC) had stated yesterday that it would become a home for regulation of virtual assets. Moreover, this is in part of UAE’s efforts to set up businesses, in turn, alternate sources of revenue.
Around 50% of the revenue UAE generates comes from oil reserves. However, considering that the world is pushing for alternate energy resources, reducing reliance on them is wise.
Binance has stated that it wants to assist the development of virtual asset regulations in Dubai. According to a report released by the crypto exchange, they said:
“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.”
Binance will share its experience in collaborating with global regulators to assist the development of progressive virtual asset regulations. Moreover, their goal is to offer blockchain and distributed ledger technology (DLT) services along with crypto assets to become licensed in Dubai.
Regulators worldwide have targeted Binance for trying to enter their respective markets. While some countries have outright banned them due to non-compliance with regulations, some have given warnings. On the other hand, Binance stated to have complied with the regulatory process. However, the process is painfully slow and complicated. This is a reason why it has retracted its application process in some cases.
Moreover, CEO Changpeng Zhao has stated that he wants to improve relations of his crypto exchange with the financial regulators.
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