To help shape Dubai’s new rules for virtual assets, Binance wants to hire more than 100 people in the United Arab Emirates (UAE). This is because Binance is the world’s biggest cryptocurrency exchange by trading volume.
Binance is working closely with the government of Dubai
In the last few weeks, Binance has been working closely with its local government to help shape Dubai’s new virtual assets regulations. Binance was licensed by Dubai’s new virtual assets regulator this month. In addition, the firm is also working with the city’s financial free zone to build a virtual asset ecosystem.
“It is a very progressive framework and we are very happy to be part of that process, working very closely with the Dubai government. I wish more regulators globally adopt this approach that Dubai has – a public-private sector partnership,” Richard Teng, Binance’s MENA head, told Reuters.
It doesn’t make sense to say that Binance does not have a central headquarters. CEO and founder Changpeng Zhao wants to set up a lot of regional centers, though.
“Definitely Dubai is a very important hub that we are looking at to consider different options going forward,” Teng said.
Dubai wants to become the center of the world’s crypto trade
In March, Dubai passed its first law for digital assets and set up the Virtual Asset Regulatory Authority (VARA) to help make Dubai and the United Arab Emirates better places for people to work in the crypto market.
In the last few weeks, it has allowed Binance and FTX Europe to set up shop in Dubai. Bybit said this week that it would be moving its headquarters from Singapore to Dubai, where it will be based for now. It also said that it was planning to open a regional office in the city.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.