Crypto exchange Binance has sealed a deal with Dubai authorities to build a regulatory and legislative framework for virtual assets.
It’ll collaborate with the Dubai World Trade Centre Authority to build a new international virtual assets ecosystem. This is as Dubai aims to license crypto exchanges, blockchain, and distributed ledger technology firms, as well as digital currencies and assets in the city.
Binance said in an announcement on Tuesday (Dec 21) that it will share its experience in collaborating with regulators.
News reports had said that CEO and co-founder Zhao Changpeng recently bought a home in Dubai in a show of support for a city he coins as “very pro-crypto.” He also met with key officials in the virtual assets and blockchain industry there.
Dubai over Singapore?
This means it might be skipping Singapore as the company’s global headquarters. Binance’s Singapore unit recently withdrew its crypto licence application in the city-state, adding that it’ll shut down the exchange’s operations in February.
“Today, the adoption of crypto and blockchain technology remains in its infancy, but 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,” said Changpeng in the Dubai announcement.
Featured Image Credit: Reuters, CNN