DWTC Collaborates With Binance To Build Crypto Ecosystem And Digital Assets

JAKARTA - Cryptocurrency exchange Binance said on Tuesday, December 21 that it had signed a cooperation agreement with the Dubai World Trade Center (DWTC) Authority, which is working to establish an international virtual asset ecosystem.

The Dubai World Trade Center (DWTC) said on Monday December 20 that the ecosystem will become a crypto zone and regulator for cryptocurrencies and other virtual assets, as the United Arab Emirates seeks to attract new business amid regional competition.

Binance, the world's largest cryptocurrency exchange by trading volume, said in a statement that it intends to assist the development of virtual asset regulations in Dubai.

“The aim is to help crypto exchanges, or businesses offering blockchain and DLT services, or various currencies and digital assets to be licensed in Dubai,” a Binance source said.

Financial regulators around the world have targeted Binance this year, with some banning the platform from certain activities and others warning consumers that the platform is not licensed to operate in their jurisdiction.

In response, Binance CEO Changpeng Zhao said in July that he wanted to improve relations with regulators in each country.

The Dubai World Trade Center Authority (DWTCA), the so-called free zone within the UAE, approved a framework in September that allows it to approve and license crypto-related financial activities.

In October, Dubai International Financial Center (DIFC), another Dubai free zone, also released the first part of the regulatory framework for digital tokens.

"Through our leadership position and expertise, combined with Dubai's long-term vision, we plan to develop a regulatory framework that fits the fast-moving and progressive nature of virtual assets," Zhao said.