Dubai poised to become the crypto friendly hub
The UAE wants to support the crypto industry and is considering establishing a “crypto zone” in Dubai in the Dubai World Trace Center (DWTC). This is yet another move by the UAE government to attract new companies as regional economic competition intensifies. DWTC’s decision to create a dedicated virtual asset zone is part of Dubai’s drive to create new economic sectors
The United Arab Emirates are committed to a policy aimed at reducing the dependence of their economy on oil. Crypto is one of these levers for economic growth. Dubai is therefore considering to create a “crypto zone” within the Dubai World Trace Center (DWTC).
“Rigorous standards for the protection of investors, the fight against money laundering, the fight against the financing of terrorism, compliance and monitoring of cross-border transaction flows” will be defined, mentioned the later.
In September the DWTC and UAE’s security and commodities authority agreed on the basic framework for the approval of financial activities related to crypto assets. Later in October, part 1 of the regulatory framework was released. The authorities in Dubai have shown interest in working with private partners and the first in this regard will be a collaboration with Binance – the trading exchange for crypto assets.
Today, the adoption of crypto and blockchain technology is only in its infancy, but through our leadership position and expertise, combined with Dubai’s long-term vision, we plan to develop a appropriate regulatory framework to adapt to the rapidly changing and progressive nature of digital assets
Zhao Changpeng – CEO Binance
It is expected that Binance will shift their operations to Dubai as the budding hub for crypto. Binance have been recently on the radars of regulators in different countries which even led to the closure of operations in US and Singapore. This could be a sigh of relief. Although, talks have been held with the French authorities as well for a rumored headquarter.
Original link: Your go to Crypto place