The Dubai World Trade Center (DWTC) will be designated as a cryptocurrency zone to boost the widespread use of the asset class.
As the cryptocurrency industry moves closer to mainstream adoption, Dubai, one of the seven emirates that make up the United Arab Emirates (UAE), maintains its position as one of the world’s most crypto-friendly governments.
The DWTC is set to become a crypto zone.
The Dubai World Trade Center (DWTC), a government-owned event and exhibition facility, will soon become a comprehensive zone and regulator for digital assets, including crypto assets, goods, operators, and exchanges, according to a recent announcement from the country.
The goal of the effort is to promote crypto acceptance by creating a “complete ecosystem” for the fast-growing industry. It intends to collaborate with the private sector and other key stakeholders to make crypto more accessible and safe for residents.
“The Dubai World Trade Center will work with the private sector and relevant entities in Dubai to make an appealing environment for the sector and to enforce rigorous standards for investor protection, anti-money laundering (AML), counter-terrorist financing (CFT) compliance, and cross-border deal flow tracing,” the Dubai Media Office said on Monday.
Furthermore, the program is part of the authority’s efforts to grow Dubai’s virtual asset market. They also aim to develop policies that allow for the seamless integration of “novel financial products” and adopt new trends that are now causing waves both inside and outside the crypto business. The craze for non-fungible tokens (NFTs) is one of them.
“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, which will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai,” the statement concluded.
A Positive Development
Stakeholders in the crypto community reacted positively to the news, including Changpeng Zhao (CZ), the CEO of Binance, a renowned crypto exchange, who voiced his delight at the new development.
Digital asset trading became legal in Dubai earlier this month, making it a crypto-friendly country.