Digital Assets: Dubai World Trade Centre To Be Key Zone And Regulator For Crypto; Binance Signs Cooperation Agreement

December 21, 2021 | Digital Assets, Latest News, News

The move is a part of the Dubai government’s efforts to create new economic sectors.

The Government of Dubai on Monday designated the Dubai World Trade Centre (DWTC) as a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges. Seen as one of the most crypto-friendly administrations the world over, the Dubai government is looking to create new economic sectors, and sees digital assets as “progressive.” (Government of Dubai)

The Government said this was an effort to further develop Dubai virtual assets and markets, including the creation of a framework for innovative financial products, and adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.

In September, the Dubai World Trade Centre Authority (DWTCA) had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) for the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA’s free zone. While the SCA is a regulatory body with oversight of the UAE’s financial markets, the DWTCA is an economic free zone.

Collaboration with private sector: Binance

In its Monday announcement the Government said the Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.

Cryptocurrency exchange Binance today announced that it has signed a cooperation agreement with Dubai World Trade Centre Authority (DWTCA), helping advance Dubai’s commitment to establishing a new international virtual asset ecosystem.

“Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain,” said Changpeng Zhao, founder and CEO of Binance.

Binance also said it aims to share its experience in collaborating with global regulators to aid the development of progressive virtual asset regulations. With that, it intends to help crypto exchanges or businesses that offer blockchain and DLT services or a wide range of digital currencies and assets to become licensed in Dubai.

Related Story: UAE Greenlights Crypto Trading In Dubai World Trade Centre Free Zone

Image of The Dubai World Trade Centre (DWTC), historically called Sheikh Rashid Tower: Govt of Dubai

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…