Binance announced today that it had signed a memorandum of understanding with the Dubai World Trade Center Authority (DWTCA) to develop a new industry hub dedicated to crypto in the UAE city.
A crypto hub in Dubai with Binance
“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.”
That reads in a note from the world’s first exchange.
The well-known Hong Kong-based exchange also announced the news on its Twitter profile:
#Binance signs agreement with Dubai World Trade Centre Authority to establish an industry hub for global virtual assets.https://t.co/XtR1qfM20w
— Binance (@binance) December 21, 2021
This news follows what has been said in recent days by the Dubai authorities about their intention to create a world center and a regulatory body for all digital resources in the city. The intent would be to create a solid regulatory and legislative framework that can foster innovation by cryptographic companies to facilitate “secure market adoption and global acceptance.”
Binance founder Changpeng Zhao in a public statement, commented on reaching this important agreement:
“I am grateful for the confidence the Dubai World Trade Centre Authority has placed in Binance. Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain. Today, the adoption of crypto and blockchain technology remains in its infancy, but 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.”
Dubai center for crypto
Dubai has long become a center for many cryptocurrency players. The favorable conditions that Dubai authorities have granted to companies in the business have attracted many investors and companies in the industry over the past three years.
The city’s authorities are convinced that by 2022 there will be over 1000 companies in the sector that will have established their headquarters in the Emirates. Currently, there are about 400.
“Five years ago, you wouldn’t have seen people coming to Dubai to do business with cryptocurrency… we are open-minded, and we are willing to change regulations with reason.”
That was said a month ago in an interview with a local newspaper by Dr. Marwan Al Zahrouni, CEO of the Dubai Blockchain Center.
In mid-October, Dubai also hosted the first Crypto Expo in the city, with over 3,000 delegates from across the industry attending.
Now, this new important agreement could also help Binance overcome the many problems it is having with regulators halfway around the world, which in some cases, like in England, have come to impose a ban on its operations.