Dubai World Trade Centre will establish a new cryptocurrency centre and act as a regulator
Another Government-Backed Initiative In Dubai Attempts To Foster An Atmosphere Conducive To The Crypto Business.
The United Arab Emirates (UAE) continues to establish itself as one of the most cryptocurrency-friendly countries in the world, with the Dubai government launching a new programme to foster local cryptocurrency development and regulation.
The Dubai World Trade Centre (DWTC), a government-owned event and exposition facility in Dubai, said Dec. 20 that it will become a complete zone and regulator for cryptocurrencies, goods, operators, and exchanges.
The DWTC will develop a complete ecosystem for this progressive industry inside Dubai and engage with the private sector to provide a “attractive environment for the sector” as part of the plan. Additionally, the DWTC noted that the initiative intends to implement tough standards for investor protection, anti-money laundering procedures, and countering terrorist funding.
“The World Trade Center will develop and manage a new world-class regulatory framework for Virtual Asset legislation and enforcement rules,” according to the announcement.
Cointelegraph has contacted the DWTC and will update this article when fresh information becomes available. Binance CEO Changpeng Zhao was among the first members of the crypto community to congratulate the DWTC on its recent statement. Zhao has allegedly developed an interest in the UAE’s crypto industry, having purchased his first property there in October.
The project is consistent with Dubai’s expanding efforts to assist crypto development, as both Dubai and the UAE have been aggressively promoting the use of blockchain technology, as well as nonfungible tokens and cryptocurrencies, to help the local economy.
The Dubai Financial Services Authority said in January that it will establish a crypto regulatory framework as part of its 2021 business strategy. The authority has already approved a number of regulatory permissions for the crypto business, and Dubai has become a hub for numerous crypto-related free economic zones.