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 2022
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.
Cisco Unveils Strategic Vision For Enterprise Cloud Security In MENA
At the heart of this vision is Cisco Security Cloud, a global, cloud-delivered, integrated platform for end-to-end security across hybrid multi-cloud environments.
The global pandemic has accelerated cloud adoption by forcing companies to embrace the hybrid work model. But as companies move more and more of their information technology systems to the cloud, they discover that traditional security measures become less and less effective. To help cloud adopters of all sizes overcome the challenges associated with enterprise cloud security, Cisco has unveiled its new strategic vision for the MENA region.
At the heart of this vision is Cisco Security Cloud, a global, cloud-delivered, integrated platform for end-to-end security across hybrid multi-cloud environments. The platform unifies the management and policy administration of public and private clouds to protect users, devices, networks, applications, and data.
“With the complexity of hybrid work, continued acceleration of cloud adoption, and the ever-advancing threat landscape, organizations are looking for a trusted partner to help them achieve security resilience,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “We believe Cisco is uniquely positioned due to its scale, breadth of solutions and cloud-neutral business model to meet their needs.”
Cisco Security Cloud is based on the zero trust security model, which, as its name implies, describes an approach to security where no access request is trusted without verification regardless of where it comes from.
To make the verification process as robust and user-friendly and possible, the necessary identity checks take place in the background, allowing users to focus on their work without being constantly interrupted by log-in prompts and other identity verification mechanisms.
Cisco is also building session trust analysis using OpenID Foundation’s Shared Signals and Events standards, which allow cloud services to instantly communicate security alerts and status changes of users.
These and other parts of Cisco’s new strategic vision for enterprise cloud security should help companies accelerate their cloud adoption initiatives. According to a survey of IT professionals in the Middle East, a lack of cybersecurity is among the main reasons why such initiatives proceed at a slow pace.