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Binance Is Helping Dubai Become The World’s Crypto Capital

The goal is to create a special crypto zone and provide assistance to crypto-related businesses that are interested in becoming licensed in Dubai.

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binance helping dubai become the world's crypto capital
Binance

Binance, the largest cryptocurrency exchange in the world, has recently signed a deal with the Dubai World Trade Centre Authority (DWTCA) to create an ecosystem for cryptocurrencies and other global virtual assets.

“With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation” said the Binance team in a statement. “Binance believes that Dubai’s new agenda will contribute to the growth of the global economy”.

To achieve this goal, Binance and DWTCA want to create a special crypto zone and provide assistance to crypto exchanges, businesses that offer blockchain, and Distributed Ledger Technology (DLT) services that are interested in becoming licensed in Dubai.

Because Dubai doesn’t want to associate itself with illegal activity, DWTCA will additionally act as a regulator and enforce investor protection standards, as well as anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) laws.

At this point, we don’t know when the crypto zone will become operational. Binance and DWTCA have so far only signed a Memorandum of Understanding (MoU) that outlines their shared vision, but many technical and regulatory details have certainly yet to be worked out.

Also Read: 5 Gaming Cryptos That Will Explode In 2023

The project could be affected by the large regulatory pressure Binance is currently facing from regulators around the world.

For example, the Dutch central bank accused it of not complying with AML and CFT laws, the US Justice Department and Internal Revenue Service is probing the exchange to investigate money laundering and tax offenses, the UK’s Financial Conduct Authority has banned the Binance Group from operating in the UK, and the Securities and Futures Commission (SFC) has issued a warning to consumers, stressing that the company isn’t licensed to conduct regulated activity in Hong Kong.

It’s possible that Binance, which describes itself as a decentralized company with a global presence and whose corporate structure is opaque at best, is interested in establishing the crypto zone in Dubai to create a safe haven for itself.

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PowerSchool Launches Arab Version Of Its EdTech Platform

The cloud-based solution is now available to Middle Eastern users, helping schools with administrative, communication, and classroom workflows.

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powerschool launches arab version of its edtech platform

PowerSchool, a leading cloud-based education software provider, today announced the launch of newly translated and localized solutions for the UAE and wider Gulf Coast and Middle East region.

Native-Arabic speaking educators will now be able to accomplish critical administrative, communication and classroom workflows using newly-updated Arabic translations, as well as access a right-to-left oriented interface, Hijri calendar overlay, and more.

PowerSchool’s platform is able to log student records and create reports in their native language, while teachers can now create enhanced, personalized lessons for their students and digital forms for parents.

powerschool edtech arabic interface

Finally, PowerSchool’s multi-language AI-powered assistant is also in development, and the company plans to launch the tool in the Middle East in the near future.

“With the UAE and other GCC countries prioritizing digital transformation in education, we are pleased to announce the availability of our educational and operational products in Arabic,” revealed Stewart Monk, Senior Vice President & General Manager, International at PowerSchool. “This also aligns with our commitment to provide mission-critical support to education leaders to provide personalized learning for students globally”.

Also Read: Top Free AI Chatbots Available In The Middle East

Along with the launch of a new Dubai office in 2023, PowerSchool seems highly invested in localized Arabic products. The latest announcement from the company strongly signals its commitment to the Middle East and GCC, and comes after the publication of its 2024 Education Focus Report, which takes a deep dive into the region’s education trends and developments.

“PowerSchool’s commitment to providing Arabic localization across its products reflects an understanding of their diverse user base and their commitment to inclusivity,” explained Mohammed Essam, PowerSchool Lead at ESOL Education. “This investment can lead to closer collaboration with educational institutions in the Middle East, fostering innovation and progress in the education sector. Overall, this is a promising direction that could benefit both PowerSchool and the educational community in the region”.

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