After becoming the first country to embrace a four-day work week, United Arab Emirates is now taking cryptocurrencies seriously.The city of Dubai is getting crypto zones very soon. According to Bitcoin.com, the Dubai World Trade Centre would become a “comprehensive ecosystem for cryptocurrencies and providers of related services.”
iStockHelp from and to private players in cryptoA crypto company has a considerable role to play. UAE wants to assist new industries emerging around crypto, including the company Binance.UAE authorities are establishing a special zone at the Dubai WTC from where all companies dealing with digital assets will be able to offer their products and services.
unsplashIn addition, the DWTC will function as a regulator for the crypto sector to enforce “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.”Also read: Cryptocurrency Rollercoaster 2021: Ten Defining Crypto Moments Of The YearAccording to Dubai’s official announcement, the city wants to further develop its virtual assets space as the metaverse trends gather pace. Non-fungible tokens (NFTs) are how people can own land and other goods in a digital set-up backed by blockchain technology.Binance is the world’s largest digital asset exchange based on value. According to Bloomberg, Binance is planning to set up its headquarters in the UAE – in either Dubai or Abu Dhabi.Also read: Indian Govt Unlikely To Bring Crypto Bill In Winter Session, Sources RevealIn addition, DWTC’s governing body has signed a memorandum of understanding (MoU) with Binance to share its experience with regulatory bodies in the country.
ReutersDo you think UAE could emerge as the crypto capital? Let us know in the comments below. For more in the world of tech and science, keep reading Indiatimes.com.CitationTassev, L. (2021, December 22). Dubai to Create Crypto Zone, Binance Joins Effort. Bitcoin News.