Binance signs an agreement with the Dubai World Trade Centre Authority to establish a Global Virtual Assets Industry Hub.

Binance, a cryptocurrency exchange, said today that it has established a partnership deal with the Dubai World Trade Centre Authority (DWTCA), advancing Dubai’s aim to creating a new international virtual asset ecosystem.

The collaboration comes on the heels of DWTC’s statement on Monday that it intends to become a hub and regulator for virtual assets and cryptocurrency, encompassing digital assets, goods, operators, and exchanges — a much-anticipated signal for the global sector.

According to the official statement, Dubai’s virtual asset ecosystem intends to develop a solid regulatory and legal framework that will foster innovation, assure safe market adoption, and allow worldwide acceptance.

Binance wrote:

“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.”

“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,”  said Changpeng Zhao, founder and CEO of Binance.

The new Virtual Assets Hub in Dubai will bring together service providers, technological enablers, and governments to co-create the Virtual Assets industry’s next generation future economy environment.  The ‘test-adapt-scale‘ strategy is intended to speed secure, fair, and sustainable access to new development possibilities, supporting Dubai’s goal of a fully digital and inclusive global society, according to a DWTCA spokeswoman.

Binance also intends to share its expertise working with global authorities in order to contribute in the creation of innovative virtual asset rules. It plans to use this to assist crypto exchanges or firms that provide blockchain and DLT services or a diverse variety of digital currencies and assets in becoming licensed in Dubai.

The exchange platform said:

“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. In order to support this, Binance will participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations.”

Patrick

Coincu News