Cryptocurrency is the money of the future and is far superior to gold, Binance chief says

The full potential of blockchain has not yet been realised, the founder and chief executive of Binance, the world’s largest cryptocurrency exchange by trading volume, said.

Blockchain, the technology behind cryptocurrencies, holds the potential to offer applications that are “beyond our current imagination”, Changpeng Zhao said in Dubai on Thursday.

“Cryptocurrencies are the money of the future."

Mr Zhao was speaking during one of nine Future Talks that Dubai’s Museum of the Future is hosting from February 24 to March 29.

The museum opened to the public on Tuesday.

“It is a great honour to be one of the first speakers in the Future Talks series and to witness first-hand the Museum of the Future … it is truly fantastic,” Mr Zhao said.

Once you have a couple of hundred million people using cryptocurrency, you cannot erase it

Changpeng Zhao,
founder and chief executive of Binance

“Blockchain has many new applications we had previously not even imagined, and it is fitting to be talking about cryptocurrencies here, at the Museum of the Future, as cryptocurrencies are the money of the future.”

There has been growing interest in the cryptocurrency market in the UAE as consumers and investors flock to digital assets.

In December, Dubai World Trade Centre Authority and Binance signed a preliminary agreement to develop an industry centre for global digital assets in the emirate.

The initiative will help to expedite Dubai’s plans to establish a new international digital asset ecosystem, which will, in turn, generate long-term economic growth using innovation, the authority said at the time.

Mr Zhao said the main risk with cryptocurrency is the risk of not adopting it.

“If you don’t take that risk, you don’t have the future, as you don’t have the future of money.

“Bitcoin is neutral, and it doesn’t have borders. It doesn’t side with anyone. And it can be used in any country. So, in theory, it should hold its value – in this way it is far superior to gold,” Mr Zhao said.

He said cryptocurrencies and blockchain are not bubbles and would not go away.

“Once you have a couple of hundred million people using cryptocurrency, you cannot erase it.”

Having moved from China to Canada, Mr Zhao worked in McDonald’s outlets and gas stations during his teenage years. He later made a foray into independent trading by establishing a broker trading platform called Fusion Systems in Shanghai.

He was a member of the founding team of Blockchain Info, before taking a senior position with cryptocurrency company Okcoin. He founded Binance in 2017 after raising $15 million through an initial cryptocurrency offering.

Mr Zhao said strong regulations to govern the industry were important.

“The industry is still young … we need frameworks. It is also very important for industry players to be working closely with regulators. Some regulators like Dubai, the UAE, in many parts of the world are very, very smart about this,” he said.

Binance will organise its blockchain conference in Dubai from March 28 to 30.

“We should encourage people to adopt this technology, but we should adopt it in a safe way. There should be information sharing, but there has to be a balance with privacy,” he said.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer