The United Arab Emirates is aiming to become one of the top countries that are bolstering local growth and development in crypto assets. The country’s Dubai World Trade Center (DWTC) announced Monday that it will build a comprehensive crypto zone and regulator for cryptocurrencies.
DWTC is a skyscraper event and exhibition venue owned by the local government. In September, UAE regulators and the DWTC Secretariat announced their plans to promote cryptocurrency trading in special zones within the DWTC.
With this new initiative, the government will create a special economic zone to boost growth in digital assets, products, operators, and exchanges. It will also work with Dubai’s private sector and related organizations to create an attractive environment for the crypto sector.
Furthermore, the zone will set strict standards to ensure Investor Protection, Money Laundering Prevention (AML), Terrorism Financing Countermeasures (CFT), tracking international transactions, and regulatory compliance.
“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the announcement read. It further added:
“The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”
Dubai is currently in the process of developing a regulatory framework for digital assets. In October, Dubai’s Financial Services Agency (DFSA) announced a regulatory framework for “investment tokens,” including security tokens.
In the latest development, Binance announced that it has signed a Memorandum of Understanding (MoU) with DWTC authority to help establish the new digital ecosystem that “will generate long-term economic growth through digital innovation.”
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— CZ 🔶 Binance (@cz_binance) December 20, 2021