The United Arab Emirates has emerged as the hub of cryptocurrencies in the Middle East and is now expanding its influence on a global scale. The first step in this direction is the recent announcement from the Dubai World Trade Center of the creation of a crypto hub and acting as regulators for crypto exchanges in the jurisdiction. Dubai’s jurisdiction is known for its pro-crypto policy, and it was the first government in the Middle East to come up with its official NFT. Now the Dubai World Trade Center has gone into a partnership with the largest cryptocurrency exchange in the world – Binance.
As a part of this new collaboration, Binance will work with the Dubai World Trade Center to regulate and authorize cryptocurrency exchanges. Binance will work with local crypto exchanges and help them set up the necessary infrastructure for becoming licensed in the UAE. Apart from that, Binance will also work with private and public entities to ensure a long-term plan for the economic development of the region, leveraging cryptocurrencies and digital assets. Binance made the official announcement on its website on Monday and is the first major crypto exchange to partner with the Dubai World Trade Center.
According to experts, the Middle East can benefit greatly from adopting cryptocurrencies owing to economic instability and high levels of inflation. Once cryptocurrencies spread to the less prosperous regions of the Middle East, the results will show up gradually. With the partnership between Binance and Dubai World Trade Center, that time does not seem to be very far.