Dubai World Trade Center to create new crypto hub and become regulator

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The United Arab Emirates (UAE) continues to emerge as one of the largest cryptocurrency-friendly jurisdictions in the world as the government of Dubai has a new initiative to support local crypto development and regulation.

The Dubai World Trade Center (DWTC), a government-owned event and exhibition venue in Dubai, will become a comprehensive area and regulator of cryptocurrencies, commodities, traders and exchanges, the DWTC has officially announced. December 20.

As part of this initiative, the DWTC will design a complete ecosystem for this progressive sector in Dubai and work with the private sector to create an “attractive environment for the sector”. The project also aims to enforce rigorous standards for investor protection, anti-money laundering measures and combating the financing of terrorism, the DWTC said.

“The World Trade Center will provide and oversee a new, world-class regulatory framework for virtual asset enforcement and legislative policies,” the statement said.

Cointelegraph has contacted the DWTC and will update the story pending further information.

Binance CEO Changpeng Zhao was among the first members of the crypto community to celebrate the new DWTC announcement. Zhao has apparently grown more and more interested in the crypto ecosystem in the UAE, having reportedly bought his first home in Dubai in October.

Dubai World Trade Center to Become Full Zone and Regulator for Virtual Assets and Crypto https://t.co/Ndr6GDcJ4u

– CZ Binance (@cz_binance) December 20, 2021

Related: UAE Regulators Approve Crypto Trading In Dubai Free Zone

The initiative is part of Dubai’s growing efforts to support the development of crypto, as Dubai and the United Arab Emirates have actively worked for the local economy to benefit from blockchain technology as well as tokens and non-fungible cryptocurrencies.

In January, the Dubai Financial Services Authority planned to put in place a crypto regulatory framework as part of its 2021 business plan. The authority issued a series of regulatory approvals for the crypto industry until present, while Dubai has become a location for several free economic zones for crypto.

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