Dubai could become the crypto capital of the world, with help from Binance

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After becoming the first country to adopt a four-day work week, the UAE now takes cryptocurrencies seriously.

The city of Dubai will very soon have crypto zones. According to Bitcoin.com, the Dubai World Trade Center would become a “complete ecosystem for cryptocurrencies and related service providers.”

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Help from and to private crypto players

A crypto company has a huge role to play. The UAE wants to help new emerging industries around crypto, including the Binance company.

UAE authorities are establishing a special zone at WTC Dubai from which all companies dealing with digital assets can offer their products and services.

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In addition, the DWTC will function as a regulator of the crypto industry to enforce “high standards for investor protection, anti-money laundering (AML), anti-terrorist financing (CFT ) compliance and tracing of cross-border agreement flows ”.

Also Read: Cryptocurrency Rollercoaster 2021: Ten Key Crypto Moments Of The Year

According to Dubai’s official announcement, the city is keen to expand its virtual asset space further as metaverse trends accelerate. Non-fungible tokens (NFTs) are the way people can own land and other assets in a digital configuration supported by blockchain technology.

Binance is the world’s largest value-based digital asset exchange. According to Bloomberg, Binance plans to locate its headquarters in the United Arab Emirates, Dubai or Abu Dhabi.

Also Read: Indian Government Unlikely To Introduce Crypto Bill In Winter Session, Sources Say

Additionally, DWTC’s governing body signed a memorandum of understanding with Binance to share its experience with regulators across the country.

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Do you think the United Arab Emirates could become the capital of crypto? Let us know in the comments below. To learn more about the world of tech and science, keep reading Indiatimes.com.

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Tassev, L. (2021, December 22). Dubai to create crypto zone, Binance is joining the effort. Bitcoin News.

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