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Binance, the biggest cryptocurrency exchange by trading volume, has inked a partnership agreement with Dubai World Trade Centre Authority. The DWTCA is working to set up an international virtual asset ecosystem, Reuters reported.

On Monday, the DWTCA announced it would become a zone and regulator for cryptocurrencies and other virtual assets. The UAE is making efforts to create new business opportunities against the backdrop of severe regional competition. 

In addition, the DWTCA aims to create new economic sectors through a specialised zone for virtual assets, including digital exchanges, operators, and products. According to an official statement:

Rigorous standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing will be developed.

The world’s biggest cryptocurrency exchange issued a statement as well. It announced intentions to facilitate the development of virtual asset regulations in Dubai, adding:

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.

In October, another financial free zone, the DIFC (Dubai’s state-owned financial free zone and a major hub of finance in the Middle East) issued the first part of a regulatory framework for digital tokens.

The DWTCA had agreed on a framework in September, according to which it will be allowed to approve and issue licenses to carry out financial activities related to crypto.

This year, Binance bore the brunt of the wrath of global financial regulators, with almost a dozen moving to sanction its operations. Some national watchdog banned it from performing certain activities, while others warned users that Binance did not have a license to operate in their jurisdictions. 

CEO Changpeng Zhao responded by reiterating he wanted to improve his exchange’s relations with regulators. He commented the partnership with Dubai as follows:

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.v

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