Binance settles down in Dubai, future global crypto hub

Dubai stopover – How many specialized companies will the emirate manage to attract, with its new initiative to develop the crypto ecosystem in the country? Binance has already led the way.

A specialized crypto zone in Dubai

On December 20, 2021, the government-owned Dubai World Trade Center (DWTC), announcement than the site will become a specialized area and a regulator for cryptocurrencies and other digital assets.

“The World Trade Center will provide and oversee a new world-class regulatory framework for virtual asset enforcement and legislative policies.”

DWTC statement

The DWTC will set up a ” attractive environment for the sector »Cryptocurrencies, while ensuring the application of rigorous standards to protect investors, or to fight money laundering and terrorist financing.

>> Play it safe, subscribe to the FTX crypto exchange reference <<

Binance and CZ in love with Dubai?

Binance didn’t wait long to capitalize on this news. The stock exchange announced on December 21, 2021 to have signed a memorandum of understanding with the Dubai World Trade Center Authority (DWTCA). The exchange publicly displays its willingness to support the DWTCA initiative which aims to develop the crypto ecosystem in Dubai.

“Binance is confident that the new Dubai program will help the growth of the global economy. The aim is to help crypto exchanges, companies that offer blockchain and distributed ledger technology services, as well as a wide range of currencies and digital assets to obtain a license in Dubai. “

Binance announcement

How to explain this particular interest that Binance has in Dubai? The CEO of the exchange, Changpeng Zhao, would have bought his first house there in October 2021. In an interview in November 2021 on the sidelines of the Bloomberg New Economy Forum in Singapore, CZ described Dubai as a pro-crypto city.

“The government is very progressive there, and it is a very good business environment”

Changpeng Zhao – CEO of Binance

Long before this new initiative, Dubai has already shown its infatuation with blockchain and cryptocurrencies. The emirate makes available to new businesses, a blockchain-based KYC platform, for example to facilitate the opening of their bank account. Operation by free zone in Dubai has also led to the emergence of regulatory frameworks conducive to the development of crypto companies establishing themselves in the emirate.

Dubai continues its efforts to be a part of and profit from the crypto revolution. And you, what are you waiting for to join this movement? No need to go to Dubai to easily and securely buy your bitcoin and crypto. Register without delay on the benchmark crypto exchange platform FTX and benefit from a lifetime reduction on your trading fees (affiliate link, see conditions on official website)