Binance Lends Assistance to Dubai in Developing ‘Crypto Zone’

World Trade Centre in Dubai is going to host crypto within by transforming itself into a “Crypto Zone” – a place exclusively for cryptocurrencies and crypto service providers. For commencing the project, Dubai has sought assistance from known crypto exchanges and the first exchange which has assured its services for the completion of the project is “Binance”.

Dubai has decided that it will be hosting a new business hub within the center of Dubai. It was revealed that a “Crypto Zone” will be established within the World Trade Center of Dubai. From the Crypto Zone, all the crypto-related activities and businesses will be operated from the zone exclusively. The zone will invite crypto derivative firms to offer their crypto trade services while housing their facilities in the World Trade Center.

The building of Dubai World Trade Center is located in the heart of Dubai which was developed in 1979. It is currently the second most iconic building in Dubai after Burj Al-Khalifa, which is the tallest skyscraper in Dubai. Earlier the tallest skyscraper of Dubai’s title was with the Dubai World Trade Center until mass construction started in 2003 onwards.

It has been informed by the Government in Dubai that the building will also serve as the office of regulator for digital currencies. In this connection, investor protection policies will be established and enforced for countering investment frauds, laundering, and terrorism funding. The Government ensured further that Dubai’s crypto regulations will strictly adhere to the international policies of financials such as AML and KYC.

The announcement of developing Crypto Zone in Dubai shows that digital currency trading has the support of the Government in Dubai. In particular, it seems as if the Government wishes to strengthen its digital currency industry. While, at the same time, the Government’s intention of regulating the digital economy in space is apparent in the objective of developing Crypto Zone. Some officials within the Government commented that the development of Crypto Zone will further the sentiment that Dubai is the global business hub.

For the development of the intended Crypto Zone in Dubai, the Government is currently seeking assistance from the private sector. Especially, the Government is interested in availing help from the lead crypto exchanges for achieving the objective. In this connection, the Government has already agreed with Binance in lending its support and assistance in commencing the project. It has been confirmed by Binance as well that it has agreed to assist Dubai Government in the development of the Crypto Zone. It is only a matter of time before the project will be start its development phase. Binance will also be working with the proposed crypto regulator of Dubai for carving out crypto policies and guidelines.

Meanwhile, Binance has shown its willingness to shift its headquarters into Dubai while it will be working on the project.