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Binance signs deal with DWTC

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Binance cryptocurrency exchange has signed a Memorandum of Understanding (MoU) with the Administration of the Dubai World Trade Center (DWTC) in order to create an industry hub in the emirate.

“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”. The company said in a statement.

Thus, Binance noted that one of the goals of the exchange within the framework of the initiative is to help participants of the blockchain industry with obtaining a license in Dubai. Moreover, the company plans to share knowledge and experience of cooperation with regulators.

Establishing an entire ecosystem for the creative industry

In November, the founder and CEO of Binance Changpeng “CZ” Zhao purchased a property in Dubai. Therefore, the media saw this as a signal about the possible opening of the exchange headquarters.

Recall that on Monday, DWTC announced that it would become a comprehensive zone. Also, the regulator for cryptocurrencies, products, operators, and exchanges.

Additionally, the DWTC will establish an entire ecosystem for the creative industry in the emirate as part of the initiative. Collaborating with the private sector to provide an “attractive environment for the sector”. According to the DWTC, the project also aims to implement strict rules for investor safety. As well, anti-money laundering procedures, and counter-terrorist funding.

10 Fundamental Rights for Crypto Users

Earlier, Zhao announced plans to establish company offices in France and the United Kingdom. In December, Binance withdrew its license application for a branch in Singapore. Until the 12th of January 2022, Singapore residents can buy and trade cryptocurrency with their existing assets. Users of Binance.sg will be unable to buy or sell cryptocurrency from January 13.

In November, Binance published a set of “10 Fundamental Rights for Crypto Users” as a basis for the development of regulatory rules for cryptocurrencies.

“Every human being should have access to financial tools, like a crypto, that allow greater economic independence,” the first paragraph says. The document notes the need for “smart regulation”, ensuring data confidentiality and security. As well as compliance with the rules for the sale of derivatives.

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