Dubai World Commerce Centre to create new crypto hub and turn out to be regulator
The United Arab Emirates (UAE) continues to emerge as one of the world’s largest cryptocurrency-friendly jurisdictions as the Dubai government has a new initiative to support local crypto development and regulation.
The Dubai World Trade Center (DWTC), a state-owned event and exhibition center in Dubai, will become a comprehensive zone and regulator for cryptocurrencies, products, operators and exchanges, DWTC officially announced on December 20.
As part of the initiative, DWTC will design a comprehensive ecosystem for this advanced sector in Dubai and work with the private sector to create an “attractive environment for the sector”. The project also aims to enforce strict standards for investor protection, anti-money laundering measures, and the fight against terrorist financing, according to the DWTC.
“The World Trade Center will provide and oversee a new world-class regulatory framework of legislative and enforcement guidelines for virtual assets,” the statement said.
Cointelegraph has reached out to the DWTC and will update the story pending new information.
Binance CEO Changpeng Zhao was one of the first people in the crypto community to celebrate the DWTC’s new announcement. Zhao apparently sparked a growing interest in the UAE’s crypto ecosystem when he reportedly bought his first home in Dubai in October.
»Dubai World Trade Center becomes comprehensive zone and regulator for virtual assets and crypto https://t.co/Ndr6GDcJ4u
– CZ Binance (@cz_binance) December 20, 2021
Related: The UAE regulators approve crypto trading in the Dubai Free Zone
The initiative is in line with Dubai’s growing efforts to support crypto development as both Dubai and the UAE have actively worked to ensure that the local economy benefits from blockchain technology, as well as non-fungible tokens and cryptocurrencies.
In January, the Dubai Financial Services Authority planned to put in place a crypto regulatory framework as part of its 2021 business plan. The agency has so far issued a number of regulatory approvals for the crypto industry, while Dubai has become a place for several free economic zones for crypto.