- MoU explores crypto payments to improve Dubai’s trade and customs efficiency.
- Binance Pay may be tested for faster and cheaper transaction handling.
- Dubai strengthens its lead in global blockchain innovation and adoption.
The United Arab Emirates (UAE) executed a synchronized expansion of its digital asset infrastructure this week, moving to integrate cryptocurrency into sovereign trade rails while cementing Binance’s regulatory status.
In an agreement signed at Binance Blockchain Week, Dubai Customs signed a new memorandum of understanding with Binance. The partnership will focus on studying how digital asset payments could be used in Dubai’s trade and customs systems.
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Officials said the partnership fits into Dubai’s plan to upgrade government services with modern technology and work more closely with private companies.
The MoU was signed by Dr. Abdulla Busenad, Director General of Dubai Customs, and Stephanie Emile, General Manager of Binance FZE, with officials from both sides attending the ceremony.
Exploring Digital Payments in Trade
Dubai Customs has already moved many of its processes to smart and automated platforms. This new agreement will allow both teams to look at whether crypto-based payments can help make trade faster and more efficient. Binance’s digital payment tools, such as Binance Pay, may be tested to see if they can help reduce delays and lower transaction costs.
Richard Teng, CEO of Binance, said: “We are proud to collaborate with Dubai Customs, a government entity recognized globally for adopting modern technologies.”
Abu Dhabi Grants ‘Full Suite’ Legitimacy to Binance
Additionally, Binance has become the first crypto exchange in the world to receive a full global license under Abu Dhabi’s ADGM regulatory framework, allowing it to legally operate Binance.com.
The approval includes three separate licenses for trading, clearing, custody, and brokerage, making Binance’s setup similar to traditional financial markets.
Why Dubai Is Ahead in Blockchain
Dubai has quickly become one of the world’s most active centers for blockchain and digital-asset development.
Another example of Dubai’s commitment is the planned Crypto Tower, set to open in 2027. It is designed specifically for the blockchain industry, with floors dedicated to crypto startups, incubators, VCs, and AI projects. It will also feature event spaces, an NFT art gallery and a secure vault.
Simply put, Dubai has rolled out the “digital red carpet,” and the global crypto community has taken notice.
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Source: https://coinedition.com/dubai-customs-pilots-crypto-for-trade-duties-as-binance-secures-global-first-adgm-license/
