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.
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