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“DWTCA’s agreement with Bittrex to be one of the anchors in this new ecosystem is a pioneering move that aims to strike a balance between value creation and risk mitigation, prioritising equal investment enhancement opportunities for society while protecting the most financially vulnerable as priority.”

As per the agreement, Bittrex will also participate in this knowledge-sharing ecosystem by sharing its experience in collaborating with global regulators to aid the development of progressive virtual asset regulations. 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.

Changpeng Zhao, founder and CEO of Binance.US, said: “I am grateful for the confidence the Dubai World Trade Centre Authority has placed in Binance.US. Together, we share a vision for helping Dubai embrace the new future economy that includes crypto and blockchain. Today, the adoption of crypto and blockchain technology remains in its infancy, but 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.”

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