Crypto exchange Binance signs agreement with Dubai World Trade Centre

Reading Time: 2 minutes

 Cryptocurrency exchange Binance on Tuesday said it has signed a cooperation agreement with Dubai World Trade Centre Authority (DWTCA), which is working to establish an international virtual asset ecosystem.

The Dubai World Trade Centre (DWTC) on Monday said it will become a crypto zone and regulator for cryptocurrencies and other virtual assets, part of efforts by the United Arab Emirates to attract new business as regional economic competition heats up.

The move by the DWTC to create a specialised zone for virtual assets – including digital assets, products, operators and exchanges – is part of a drive by Dubai, one of the United Arab Emirates federation of seven emirates, to create new economic sectors, the statement said.

“Rigorous standards for investor protection, anti money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing,” will be developed, it said.

In September, the UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) agreed a framework that allows the DWTCA to approve and licence financial activities relating to crypto assets.

In October, another Dubai free zone DIFC, Dubai’s state-owned financial free zone and the Middle East’s major finance centre, released the first part of a regulatory framework for digital tokens.

via Reuters

Once you're here...

Powered by Live Score & Live Score App