The United Arab Emirates (UAE) continues to emerge as one of the largest cryptocurrencies-friendly jurisdictions in the world, as the Dubai government has begun to take a new initiative in order to support the development and regulation of cryptocurrencies, and now by through it Dubai World Trade. Dubai World Trade Centre (DWTC), which is a […] The post Dubai World Trade Centre will become a crypto hub and regulatory body appeared first on Whaletank Blog - Market Maker News.

Dubai World Trade Centre will become a crypto hub and regulatory body

The United Arab Emirates (UAE) continues to emerge as one of the largest cryptocurrencies-friendly jurisdictions in the world, as the Dubai government has begun to take a new initiative in order to support the development and regulation of cryptocurrencies, and now by through it Dubai World Trade.

Dubai World Trade Centre (DWTC), which is a venue for government-owned events and various exhibitions in Dubai, will now become a comprehensive area and regulator body for cryptocurrencies, products, operators, and exchanges. Dubai World Trade Centre officially announced this on Monday, according to cointelegraph.com

As part of the initiative, DWTC will start to design a comprehensive ecosystem for this progressive sector in Dubai and work with the private sector in order to create an “attractive environment for the sector”. The project also aims to enforce strict investor protection standards, anti-money laundering, and anti-terrorist financing measures, the DWTC said. This means that the Dubai World Trade Centre will start to play a huge role in the crypto regulatory standards in the United Arab Emirates.

The statement said that “[The] World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,”.

Cointelegraph has contacted DWTC and will update the story pending further information. In the meantime, what we know for now, according to the original statement, is that the new regulatory framework should “facilitate and broaden cross-border operations and ecosystem innovation” while enabling “safe market adoption and growth for this sector in Dubai.”

Binance CEO Changpeng Zhao was among the first people in the crypto community to celebrate the new announcement from DWTC. Zhao has become increasingly interested in the crypto ecosystem in the United Arab Emirates since buying his first home in Dubai in October. The CEO previously stated that he did that in an attempt to show his commitment to the UAE – saying “I want to show that we are committed to the place, so I bought an apartment there,”.

The initiative is in line with Dubai’s growing efforts to support the crypto development, as both Dubai and the United Arab Emirates have been working very hard lately to make the local economy benefit from blockchain technology as much as possible, as well as from non-fungible tokens and other cryptocurrencies.

In January, the Dubai Financial Services Authority planned to create a crypto regulatory framework as part of its business plan for 2021. The authority has so far issued a number of regulatory approvals for the crypto industry.

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