Dubai joins the ever-growing cryptocurrency ecosystem

Dubai joins the ever-growing cryptocurrency ecosystem

The United Arab Emirates (UAE) is emerging as one of the world’s leading cryptocurrency-friendly jurisdictions. Dubai World Trade Center is partnering with Binance to co-found an industry hub.

Dubai a new oasis for cryptocurrency market

As announced on Monday, Dubai World Trade Center (DWTC) will become a comprehensive zone and local regulator of cryptocurrencies, operators, and exchanges for the United Arab Emirates. Binance, on the other hand, released an official announcement the next day, indicating that the exchange is a significant contributor to the said fact. As it turns out, it is Binance, under a Memorandum of Understanding (MoU), that will work with DWTC to outline the vision of creating a new industry hub for the virtual asset market. The exchange’s support aims to create an ecosystem with international reach while nurturing economic growth in the UAE. Binance representatives will share their knowledge, experience, and lessons learned from working with multiple regulators to date. The goal is to build a progressive legal system, taking care of the blockchain space, for all its representatives who would like to obtain a license from the UAE to operate.

In this way, Dubai will work with the private sector to provide “a new world-class, attractive environment for the industry.” Moreover, the project also aims to create stringent investor protection tools, anti-money laundering regulations and fight against financing of terrorism.

It is worth noting that Binance is in the process of searching for the location of its official headquarters. While the efforts to create such a headquarters in Ireland and France are quieting down, we can observe increased movements of the exchange in the UAE. The lack of clear regulations in the aforementioned countries results in the co-creation of liberal laws in the new jurisdiction. This could be an excellent move on the part of the exchange!

Emirates’ crypto efforts so far

Dubai has long been interested in the cryptocurrency space. Its efforts for the industry have been gaining momentum in recent times. The UAE is working to support the economy through blockchain technology and the practical use of NFT.

In January, the Dubai Financial Services Authority initiated a regulatory framework for the industry. Since then, several operating licenses have already been issued while creating several economic zones for the industry.

For the UAE, cryptocurrencies are the future

To understand the idea of creating a global industry hub in Dubai, it is worth looking at the United Arab Emirates from a broader perspective. This is a region that has built its economic power based on the production of limited oil. With this in mind, the UAE authorities built Dubai, which is already becoming a popular destination for global trade as well as (and more importantly) tourism. In order to maintain economic growth, one must constantly develop. The sheikhs know this, hence they are targeting modern technology such as cryptography. Considering all these aspects, there is a great possibility that the blockchain industry in the desert climate of the Arab Emirates has the right to flourish.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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