After being the first country to implement the concept of a week-long workweek that is four days long, United Arab Emirates is now considering cryptocurrency seriously.
It is believed that the town of Dubai will be getting crypto zones soon. According to Bitcoin.com, The Dubai World Trade Centre would transform into a “comprehensive ecosystem for cryptocurrencies and providers of related services. “
A crypto-related company has a significant part to play. UAE is looking to help new businesses emerging around crypto, such as Binance.
UAE authorities are planning to establish an exclusive zone in Dubai WTC. Dubai WTC, where all businesses dealing with digital assets can provide their services and products.
Additionally to this, the DWTC is expected to function as a supervisor for the crypto industry, ensuring “rigorous standards for investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) compliance and cross border deal flow tracing.”
According to the official announcement of Dubai, it aspires to expand its virtual assets sector as metaverse trends gain speed. The non-fungible currency (NFTs) is how people can acquire land and other products in a digital system backed by blockchain technologies.
Binance is the world’s biggest digital asset exchange based on value. As per Bloomberg, Binance plans to locate its headquarters within the UAE in Dubai or Abu Dhabi.
Additionally, the board of directors has also signed a memorandum agreement (MoU) with Binance to share their experience with regulatory bodies across the country.
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