Connect with us

Hi, what are you looking for?

Online Business Success

Crypto exchange Binance signs Dubai World Trade Centre deal


Biance app is seen on a smartphone in this illustration taken, July 13, 2021. — Reuters/File
Biance app is seen on a smartphone in this illustration taken, July 13, 2021. — Reuters/File
  • Dubai World Trade Centre says it will become a crypto zone and regulator for cryptocurrencies and other virtual assets.
  • UAE seeks to attract new business amid regional competition.
  • Binance intends to assist the development of virtual asset regulations in Dubai.

DUBAI: Cryptocurrency exchange Binance said on Tuesday it had signed a cooperation deal with Dubai World Trade Centre Authority, which is working to set up an international virtual asset ecosystem.

The Dubai World Trade Centre said on Monday that it will become a crypto zone and regulator for cryptocurrencies and other virtual assets, as the United Arab Emirates (UAE) seeks to attract new business amid regional competition.

Binance, the world’s biggest cryptocurrency exchange by trading volumes, said in a statement that it intends to assist the development of virtual asset regulations in Dubai.

“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,” it said.

Financial regulators across the world have this year targeted Binance, with some banning the platform from certain activities and others warning consumers that it was unlicensed to operate in their jurisdictions. read more

In response, CEO Changpeng Zhao said in July he wanted to improve relations with regulators. read more

Dubai World Trade Centre Authority, a so-called free zone within the UAE, agreed a framework in September allowing it to approve and licence crypto-related financial activities.

And in October, Dubai International Financial Centre (DIFC), another Dubai free zone, released the first part of a regulatory framework for digital tokens.

Advertisement. Scroll to continue reading.

“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,” Zhao said.



Source link

Click to comment

Leave a Reply

Advertisement

Latest

Technology

This week on the iMore Show, we look ahead to some spring rumors as we all fight the cold of winter. Listen now Subscribe...

Social Media

I’m not entirely sure what value this might bring, but TikTok is reportedly working on bringing back the option to see who viewed your...

Top Stories

Last week, Pakistan’s Sindh High Court held a hearing on the legal status of digital currencies that might lead an outright ban of cryptocurrency...

Top Stories

Billion-dollar companies are taking the Metaverse by storm as consumers have shown heightened interest in virtual, interactive, three-dimensional experiences that take place online. While...

Top Stories

BTC is oversold and possibly ready for a relief bounce, but this could be a trap for altcoins and Bitcoin if bull volume fails...

Technology

Best computer speakers for Mac iMore 2022 You’ve got a fantastic Mac, whether it’s an iMac or an M1 Pro/Max MacBook Pro or any...

Top Stories

All cryptocurrencies other than Bitcoin (BTC) were first described as altcoins for a single reason: There was a rise of projects that copied and...

Technology

The Federal Bureau of Investigation (FBI) warned Americans this week that cybercriminals are using maliciously crafted Quick Response (QR) codes to steal their credentials and financial...

Advertisement

You May Also Like

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement