As the cryptocurrency industry evolves into the mainstream, Dubai, one of the seven emirates in the United Arab Emirates (UAE), also continues to cement its position as one of the crypto-friendly powerhouses.
In the country's latest update, the Dubai authorities have indicated that the Dubai World Trade Center (DWTC), which is a royal-owned event and exhibition venue, will be a comprehensive and supervisory zone for digital assets, including crypto assets, products, controllers and exchange exchange.
This initiative is a step in promoting the massive use of crypto by building a “comprehensive ecosystem” for the rapidly growing crypto industry. It aims to forge partnerships with the private sector and key organizations to make crypto widely accessible and more secure.
Last Monday, they announced “Dubai World Trade Center (DWTC) will work closely with the private sector and relevant organizations in Dubai to create an attractive environment for the sector and enforce stringent policies for the protection of harbourers, Counterfeit Money Changer (AML) , Combating the Financing of Malignancy (CFT), compliance and approval of cross-border flow agreements,".
Moreover, the initiative comes as part of the authorities' efforts to develop Dubai's crypto asset market. They also want to create the basis for the integration of “innovative financial products” and embrace new flows that are rapidly developing within and outside the crypto industry. This includes non-fungible tokens (NFT).
He added, “This move will cement Dubai's position as a leading global center for commerce, trade and technology. The World Trade Center will be the liaison and supervisor of the new world-class supervisory framework for the legal basis and enforcement of crypto assets. This matter is critical to facilitating and expanding cross-border operations and ecosystem innovation to enable secure market acceptance and growth for this sector in Dubai.”
Shortly after the news broke, he was welcomed by experts from the crypto community, including the Chief Executive Officer of leading crypto exchange, Binance, Changpeng Zhao (CZ), who expressed his enthusiasm for the new development.
