The UAE is a “symbol of embracing technology,” according to the founder and CEO of Binance, the world’s largest cryptocurrency exchange in terms of daily trading volumes.
Discussing technology adoption on day two of the 4th Future Blockchain Summit at Dubai World Trade Centre (DWTC), Binance boss Changpeng Zhao lauded the UAE’s digital approach.
“Things happen here very fast, it is one of the most pro business environments in the world and things are built with real quality – I wish I had visited here earlier,” said Changpeng.
Changpeng added that other governments should follow suit and change their outlook when it comes to digital transformation.
He said: “I think there is a lack of understanding that causes fear, and this is not the right approach. We should embrace anything with the potential to disrupt. We should invest in anything that can disrupt the current order, and we should encourage that to grow because tech and innovation will happen regardless. The leaders here have that mindset, and this is very encouraging to see.
“Don’t be afraid to embrace disruption, it will help countries to grow. It is new tech, and you cannot ignore new technology. This country already understands that and is a symbol of embracing technology. This country gets it. Work with us, let us experiment together in a safe and compliant way to grow the industry.”
Earlier, Ahmed Bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre, emphasised the rapid growth in Dubai’s technology sector and the desire from businesses to play their part.
“DMCC created a blockchain ecosystem in our free zones and without even pushing hard we know we are going to exceed 1,000 crypto businesses at DMCC, we are going at that speed, and we have a lot of interest,” he said.
“I have to take my hat off to the blockchain and crypto community around the world., they don’t just sit with one product, it is not all about business it is about trust as well.”
Earlier on Monday, it was announced that a crypto asset and blockchain hub is to be developed at Dubai World Trade Centre (DWTC).
It comes following a deal signed between the DWTC Free Zone and CNMENA Holding BVI – parent company of CoinMENA – the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain.
The agreement will also see CNMENA Holding relocate CoinMENA’s UAE headquarters to the DWTC Free Zone to create a dedicated talent centre for its future engineering, compliance and resourcing requirements.
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