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Dubai World Trade Centre to create new crypto hub and become regulator

December 20, 2021No Comments


The United Arab Emirates (UAE) continues to emerge as one of the largest cryptocurrency-friendly jurisdictions in the world, as the Dubai government has a new initiative to support local cryptocurrency development and regulation.

The Dubai World Trade Center (DWTC), a government-owned exhibition and event venue in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, DWTC officially Announced December 20th.

As part of the initiative, the DWTC will design a comprehensive ecosystem for this progressive industry within Dubai and work with the private sector to establish an "attractive industry environment". The project also aims to enforce rigorous standards for investor protection, anti-money laundering measures and the fight against terrorist financing, the DWTC stated.

"The World Trade Center will deliver and oversee a new world-class regulatory framework for legislative policies and Virtual Assets enforcement," the statement read.

Cointelegraph reached out to the DWTC and will update the story pending further information.

Binance CEO Changpeng Zhao was one of the first people in the crypto community to celebrate the new DWTC announcement. Zhao has apparently been increasingly interested in the crypto ecosystem in the UAE, reportedly bought his first home in Dubai in October.

Related: UAE Regulators Approve Cryptocurrency Trading In Dubai Free Zone

The initiative is in line with Dubai's growing efforts to support crypto development, as both Dubai and the United Arab Emirates have been actively working for the local economy to benefit from blockchain technology and non-fungible tokens and cryptocurrencies.

In January, the Dubai Financial Services Authority planned establish a crypto regulatory framework as part of its 2021 business plan. The authority has issued a series of regulatory approvals for the crypto industry until now, while Dubai became a place for various free economic zones for crypto.