What does Binance’s MoU with Dubai World Trade Centre Authority point at?

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What does Binance’s MoU with Dubai World Trade Centre Authority point at?

Binance
Image source: Megapixl © Murmakova

Highlights

  • Binance has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA).
  • The MoU aims to help Dubai's ambition of setting up a new international Virtual Asset ecosystem.
  • Dubbed as the first-of-its-kind hub for crypto assets and blockchain services, it is expected that the move would open doors for entrepreneurship and accelerate investment in the country.

 Binance

Source: Megapixl © Murmakova

Amid rumours of Binance exploring United Arab Emirates as its next global hub for its crypto operations, the world’s leading crypto exchange on Tuesday announced that it has signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA). The MoU aims to help Dubai's ambition of setting up a new international Virtual Asset ecosystem.

Dubbed as the first-of-its-kind hub for crypto assets and blockchain services, it is expected that the move would open doors for entrepreneurship and accelerate investment in the country. Dubai's Virtual Asset ecosystem is created with a mission to create a robust regulatory and legislative framework, which would help in facilitation of cryptocurrency adoption and revive innovation in the nation.

             

Binance’s latest development aims to cater to the businesses, which offer blockchain and Distributed Ledger Technology (DLT) services in the country.

Binance Founder and CEO Changpeng Zhao (CZ) believed that the latest development, Binance will be able to help Dubai shape up its adoption and blockchain technology. In the coming days, Binance will be framing regulatory framework that would help in the progressive nature of virtual assets.

Dubai’s strong crypto ambition

The MoU signing comes after the DWTCA announced that the creation of the new economic sectors would help its economy further. Dubai has always been one of the pro-crypto nations and has been developing its blockchain networks. In fact, a couple of months back, Dubai had set up a financial free zone called the DIFC to make its intentions clear.

Also read: Will SuperFarm (SUPER) token go beyond $10 by 2022?

The DWTCA on the new MoU stated that the Virtual Assets Hub would help them to not only connect with service providers, but also help government to co-create the next generation ecosystem for the Virtual Assets industry. It is expected that this will help Dubai to expediate the growth opportunities in a secure, equitable and sustainable manner.

A strong signal

The latest move would also mean Dubai becoming the global headquarters of Binance. With its recent pull out from Singapore, there were rumours that the company is looking for a perfect global office. The MoU with the DWTCA could be a step this.

This move would open doors for a huge market, which is still a nascent stage, and would help the company in venturing into newer markets such as Africa and other regions in the West Asia.

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