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Dubai World Trade Center becomes a crypto zone and regulator

                                                            Während sich die Cryptowährungsbranche in Richtung einer Mainstream-Adoptionsphase bewegt, festigt Dubai, eines der sieben Emirate in den Vereinigten Arabischen Emiraten (VAE), auch weiterhin seine Position als eine der besten kryptofreundlichen Jurisdiktionen der Welt.

DWTC becomes a crypto zone

In a recent update from the nation, Dubai authorities have stated that the Dubai World Trade Center (DWTC), a state-run events and exhibition center, will soon become a comprehensive zone and regulator for digital assets, including crypto-assets, products and operators, and exchanges.

The initiative aims to promote the mass adoption of crypto by developing a “comprehensive ecosystem” for the rapidly growing industry. It aims to work with the private sector and other key institutions needed to make crypto accessible and more secure for residents.

“The Dubai World Trade Center will work with the private sector and relevant entities in Dubai to create an attractive environment for the sector and strict standards for investor protection, anti-money laundering (AML), counter-terrorism financing (CFT) and the Enforce compliance with strict standards. Cross Border Deal Flow Tracing, ”announced the Dubai Media Office on Monday.

In addition, the initiative is part of the agency’s efforts to develop the virtual asset market in Dubai. They also want to create guidelines for the seamless integration of “innovative financial products” and pick up on new trends that are currently making waves both inside and outside the crypto industry. This includes the mania of non-fungible tokens (NFTs).

“The move will further strengthen Dubai’s position as a leading global hub for business, trade and technology. The World Trade Center will provide a new world-class regulatory framework for the law and enforcement of virtual assets and oversee expansion of cross-border operations and ecosystem innovations to enable safe market adoption and growth for this sector in Dubai, ”concluded.

A welcome development

Shortly after the news broke, it was greeted with glee by members of the crypto community, including CEO of leading crypto exchange Binance, Changpeng Zhao (CZ), who expressed his excitement about the new development.

Dubai is currently a crypto-friendly jurisdiction, with digital asset trading becoming official in early September.


Source: Crypto News Deutsch

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