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Dubai World Trade Center will be the new crypto center and regulator

 


A state-supported project in Dubai aims to create an attractive environment for the crypto industry.


The United Arab Emirates (UAE) are emerging as one of the largest cryptocurrency-friendly countries in the world. The government of Dubai has now launched a new initiative to support local crypto development and regulation.


The Dubai World Trade Center (DWTC) is a state event and exhibition venue in Dubai and is to become a comprehensive zone and regulatory authority for cryptocurrencies, products, operators and exchanges, as DWTC officially announced on Monday .


As part of the initiative, DWTC wants to develop a comprehensive ecosystem for this sector in Dubai and work with the private sector to create an "attractive environment for the sector". The project also wants to enforce strict standards for investor protection, measures to combat money laundering and the fight against terrorist financing, according to the DWTC.


"The World Trade Center will create and oversee a new world-class legal framework for legislation and enforcement of virtual assets," the statement said.


Cointelegraph has asked DWTC a few questions and will update this article as new information becomes available.


The CEO of Binance Changpeng Zhao was one of the first people in the crypto community that celebrated the announcement of the DWTC. Zhao has shown increasing interest in the UAE's crypto ecosystem and is believed to have bought his first home in Dubai in October .


This initiative is further proof of how hard Dubai is trying to support crypto development. Dubai and the UAE are working to ensure that the local economy benefits from blockchain technology as well as non-fungible tokens and cryptocurrencies.



In January, Dubai's financial regulator planned a regulatory framework for cryptocurrencies as part of its business plan for 2021 . The agency has so far issued a number of regulatory approvals for the crypto industry. Dubai has set up several free economic zones for crypto.

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