Crypto exchange Binance signs deal with DWTC

• Binance signed a deal with Dubai World Trade Centre Authority to assist the development of virtual asset regulations in Dubai

• DWTC said it aims to become a crypto zone and regulator of cryptocurrencies and other virtual assets

Cryptocurrency exchange Binance said on Tuesday it has signed a deal with Dubai World Trade Centre Authority to assist the development of virtual asset regulations in Dubai.

The Dubai World Trade Centre (DWTC) said on Monday that it aims to become a crypto zone and regulator of cryptocurrencies and other virtual assets.

In September, Dubai World Trade Centre Authority (DWTCA), a so-called free zone within the UAE, said it has approved a framework allowing it to licence crypto-related financial activities.

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Dubai International Financial Centre (DIFC), another Dubai free zone, said in October it released the first part of a regulatory framework for digital tokens.

Regulators’ action on Binance

The world’s biggest cryptocurrency exchange by trading volumes said it aims to help DWTC. "The goal is to help crypto exchanges, or businesses that offer blockchain and DLT services, or a wide range of digital currencies and assets to become licensed in Dubai," said Binance.

Since financial regulators have started focussing on crypto exchanges, Binance had been banned from certain activities and also given warnings.

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CEO Changpeng Zhao had said earlier that he wants to improve relations with regulators.

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

Picture Credits: Reuters