The largest crypto exchange by trading volume, Binance, announced it signed a Memorandum of Understanding (MoU) with the Dubai World Trade Centre Authority (DWTCA).
The agreement aims to rehash the vision of accelerating the set-up of a new industry hub for Global Virtual Assets.
According to the announcement on the Binance blog, with the MoU, Binance will help advance Dubai’s devotion to setting a new international Virtual Asset ecosystem that will develop long-term economic growth via digital innovation.
Moreover, the crypto exchange thinks that Dubai’s new plan will contribute to the growth of the global economy.
Thus, to support this, Binance will take part in this ecosystem by sharing its experience in teaming with global regulators to help the development of advanced Virtual Asset regulations.
Furthermore, the Binance team noted that the purpose is to support businesses and crypto exchanges that provide blockchain and Distributed Ledger Technology (DLT) services and a wide range of digital currencies and assets to become licensed in Dubai.