DUBAI: A cooperation deal has been signed between Dubai World Trade Centre Authority (DWTCA) and Binance (cryptocurrency exchange). The deal will focus on creating an asset ecosystem, virtually.
According to the DWTCA, the United Arab Emirates is welcoming new business, which will help them stand against the regional challenges. After this deal, the DWTCA has become a cryptocurrency & virtual assets regulator.
Binance in its statement said that it wanted to provide assistance to develop regulations regarding the virtual asset. It also aims to help DLT services, blockchain and digital currency businesses to be established as legally licensed.
Binance has faced a ban from some financial regulators regarding certain activities and many consumers were warned not to use the service for being unlicensed in their vicinity.
CEO of Binance Changpeng Zhao then announced to enhance the company’s ties with financial regulators. In September, the DWTCA got on board to frame regulations under which financial activities regarding the virtual currency can be carried out.
Later the Dubai International Financial Centre also finalised the initial part of regulations for crypto-related movements in October.
