Dubai World Trade Centre becomes a zone and regulator for virtual assets and Сrypto
As part of the Dubai government’s efforts to create new economic sectors, it was announced on 20 December that the Dubai World Trade Centre (DWTC) will become an integrated zone and regulator for virtual assets and cryptocurrencies, including digital assets, products, operators and exchanges.
Dubai World Trade Centre will develop an integrated ecosystem for this progressive sector in Dubai.
The Dubai World Trade Centre will work with the private sector and relevant Dubai organisations to create an attractive environment for the sector, as well as enforce strict standards for investor protection, anti-money laundering (AML), combating terrorist financing (CFT) and tracking cross-border transaction flows.
The announcement, made as a part of efforts to further develop Dubai’s virtual assets and markets, includes laying the groundwork for innovative financial products, adopting new trends that rely on advanced blockchain technology, such as non-playable tokens (NFT) and cryptocurrencies.
The move continues to accelerate Dubai’s emergence as a leading global hub for business, commerce and technology, The International Trade Centre will provide and oversee a new world-class regulatory framework for legislative and enforcement policies regarding virtual assets, will be critical in facilitating and expanding cross-border transactions and innovation in the ecosystem to ensure safe market adoption and growth of this sector in Dubai.
. @DWTCOfficial is set to become a comprehensive zone & regulator for virtual assets & crypto including digital assets, products, operators & exchanges. #Dubai https://t.co/LuDPj4mxc1 pic.twitter.com/UrEzrXWdaZ— Dubai Media Office (@DXBMediaOffice) December 20, 2021
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