The Dubai World Trade Centre Authority (DWTCA) has partnered with Binance, a leading global blockchain and cryptocurrency provider. This agreement is to aid in the advancement of Dubai’s commitment to establishing an international and innovative Virtual Asset ecosystem. Furthermore, this ecosystem has the ability to generate long-lasting and stable growth in the economy through new digital technology.
DWTCA, as the complete zone and virtual assets regulator, has built Dubai’s image as a global technology pioneer. In fact, this is a first-of-its-kind facility for crypto assets and blockchain services will boost entrepreneurship, market confidence, and investment speed.
The aim of Dubai’s Virtual Asset Ecosystem is to create a sturdy framework that can regulate and legislate simultaneously. Also, it will support improvements, ensure safe market adoption, and manage global acceptance.
Binance and DWTCA
Binance, as the leading blockchain and cryptocurrency ecosystem, commits to the revolutionary agreement by demonstrating confidence in Dubai’s agenda. It intends to shape the future of Dubai’s technology. It also aims to connect with the fresh trends in multi-sectoral growth around the globe’s economy.
Changpeng Zhao, CEO of Binance, expressed gratitude for the Dubai World Trade Centre Authority’s trust in him and his team. He understands how Binance (BNB) and DWTCA both share the same vision of assisting Dubai. Besides, they want Dubai to embrace the innovative future of its economy with the inclusion of crypto and blockchain.
Zhao added that, as of now, the acceptance of crypto and blockchain technology is still not mature. Binance and DWTCA hope to create a regulatory framework with BNB’s and DWTCA’s experience, as well as Dubai’s long-term ambition. The framework is appropriate for the high-speed and progressive nature of virtual assets.
In order to assist the development of the regulation of progressive Virtual Assets, Binance will also participate in the ecosystem knowledge-sharing. It will share its expertise and experience in forming collaborations with global regulators. The goal of the Binance team and DWTCA is to be able to assist companies. Obtaining licenses in Dubai for companies that exchange crypto, blockchain, and DLT services.
He added that Dubai World Trade Centre Authority has now remarked. Service providers, technology organizers, and governments will now be connected to the new Virtual Assets Hub in Dubai.
Dubai’s vision for a completely digital and comprehensive global society will be achieved as the starting model, ‘test-adapt-scale’, is to be utilized, which will increase the access security, equitability, and suitability of opportunities for network growth.