The ecosystem will impose stringent investor protection, anti-money laundering and terrorism standards
The Dubai World Trade Center announced that it will undertake a series of government-backed initiatives to become a comprehensive, regulatory-based zone for cryptoproducts, traders and exchanges. The move is in line with the UAE's attempts to emerge as one of the most cryptocurrency-friendly jurisdictions in the world.
In an attempt to improve local crypto development and regulation, the DWTC will design a comprehensive ecosystem for the industry and will strive to collaborate with private entities to create an "industry attractive environment".
As one of the most prominent government-owned events and exhibition venues in Dubai, the DWTC recognizes the importance of debates around the regulation of cryptocurrencies and will therefore apply strict standards, including investor protection measures, anti-laundering regulations. and will take specific actions to combat the financing of terrorism through crypto.
“The World Trade Center will provide and oversee a new world-class regulatory framework for legislative policy and enforcement of Virtual Assets,” said the DWTC statement.
Binance CEO Changpeng Zhao hit Twitter to celebrate the announcement, making the robust cryptographer one of the first people to react to the development. Reports suggest the executive may be looking to the UAE as a possible cryptocentre, as he bought his first home in Dubai in October.
The UAE government in general and Dubai authorities in particular have been carrying out several crypto development projects to identify ways in which cryptocurrency, blockchain and Non-Fungible Tokens (NFT) technology can be used to benefit the economy place.
In January of this year, the Dubai Financial Services Authority announced its plan to create a cryptocurrency regulatory framework by 2022. In line with that commitment, the DFSA has issued a series of regulatory approvals related to cryptography this year. Dubai has also established several free economic zones for the crypto industry, promoting its growth in the region in 2022.
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