Memorandum of Understanding outlines vision to accelerate the set-up of a new industry hub for Global Virtual Assets
Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, and the Dubai World Trade Centre Authority (DWTCA) have signed a cooperation agreement to help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.Building off Dubai's reputation as a global technology leader, the recent announcement establishing DWTCA as the comprehensive zone and regulator for virtual assets comes as a much-awaited signal for the global industry. This first-of-its-kind hub for crypto assets and blockchain services, will fuel entrepreneurship, boost market confidence and accelerate investment.
Dubai’s Virtual Asset ecosystem aims to create a robust regulatory and legislative framework that will support innovation, ensure safe market adoption, and facilitate global acceptance.
As the leading blockchain and cryptocurrency ecosystem, Binance’s commitment to the landmark agreement demonstrates its confidence in Dubai’s future-shaping agenda to tap into a new wave of multi-sectoral growth across the global economy.
Changpeng Zhao (CZ), Founder and CEO of Binance, said: “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.”
Binance will also participate in this knowledge-sharing ecosystem with its experience in collaborating with global regulators to aid the development of progressive Virtual Asset regulations. The goal is 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.
Dubai World Trade Centre Authority remarked: “The new Virtual Assets Hub in Dubai will connect service providers, technology enablers, and governments to co-create the next generation future economy ecosystem for the Virtual Assets industry. Our pioneering ‘test-adapt-scale’ model is designed to accelerate secure, equitable and sustainable access to new growth opportunities, aiding Dubai’s vision for a fully digital and inclusive global society.”
About Dubai World Trade Centre Authority (DWTCA)
Established in 2015, the Dubai World Trade Centre Authority provides a unique and well-regulated ecosystem for businesses seeking local and international opportunities. Strategically positioned in Dubai’s Central Business District, the DWTCA Free Zone provides an ideal environment for startups, SMEs and multinational corporations to operate locally while reaching international markets. Most recently, DWTCA has additionally been established as the world’s first and only comprehensive zone and regulator for virtual assets. The DWTCA Free Zone expands from the iconic Dubai World Trade Centre to the adjoining One Central development, providing world-class commercial infrastructure and services for businesses across a multitude of industries.
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