The United Arab Emirates (UAE) continues to emerge as one of the world's largest cryptocurrency-friendly jurisdictions. The Dubai government has launched a new initiative to support the development and regulation of cryptocurrencies at the local level.
The Dubai World Trade Center (DWTC), the government-run venue for events and exhibitions in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, DWTC officially announced on December 20, according to CoinTelegraph. As part of the initiative, DWTC will develop a comprehensive ecosystem for this sector in Dubai and will partner with the private sector to create an attractive environment for cryptocurrencies. The project also aims to ensure adherence to strict standards for investor protection, anti-money laundering, and anti-terrorist financing measures.
“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement reads.
The initiative is in line with Dubai's growing efforts to support crypto development as the UAE tries to capitalize on blockchain technology, NTF, and cryptocurrencies. The Dubai Financial Services Authority has issued a number of regulatory approvals for the crypto industry, and Dubai has become the site of several free economic zones for crypto.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.