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Binance Dubai Deal Seeks to Build World Regulation Framework

New deal may have far-reaching implications for global crypto regulation.

Binance Signs Influential Mid East Deal

The crypto giant has signed a cooperation deal with the Dubai World Trade Centre Authority that will see to the construction of an international virtual asset ecosystem.

Initial rumors involving the situating of a headquarters in Dubai have hatched further deliberations for Binance it appears, with the new deal seen as a sign of real intent. Both institutions outlined a willingness to work alongside each other toward building a regulatory and legislative framework for virtual assets. 

“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,” Binance explained in an announcement on their website on December 21.

Dubai’s hopes are clear in that it is looking for crypto to thrive in its territory with cryptoexchanges, blockchain, and distributed ledger technology business’ given the green light for licensing in the city.

Source: Dubai

Under the Memorandum of Understanding signed by the two parties, the mutual aim appears to be the stimulation and growth of the ‘global economy.’ To this end, the deal will see Binance collaborate and share expertise with global regulators, the organization stated in the announcement. 

Binance underlined its hope of helping ‘advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.’

But the understanding and perhaps even hope is that this deal could have far-reaching positive implications with regard to other regulators. The logic being if transparent and influential success can be achieved here then it will be welcomed elsewhere.

This latest announcement has certainly created a buzz and we look forward to seeing just what innovation will come as a result. 

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