The government of Dubai has started a new project to help with crypto development and regulation. The project also aims to set very high standards for investor protection, anti-money laundering, and fighting the financing of terrorism.
An event and exhibition venue in Dubai called the Dubai World Trade Center (DWTC) is going to become a place where people can buy and sell things like cryptocurrencies. DWTC made the announcement on Dec. 20.
DWTC and the private sector will work together to make the “attractive environment” for this growing sector in Dubai even better, as part of a new initiative.
The DWTC says the project also aims to set very high standards for investor protection, anti-money laundering, and fighting the financing of terrorism.
There will be a new world-class regulatory framework for virtual assets, the statement says. “The World Trade Center will deliver and oversee this new framework,” it says.
Changpeng Zhao, the CEO of Binance, was one of the first people in the crypto world to celebrate the news from the DWTC. People say that Zhao has been getting more interested in the crypto ecosystem in the United Arab Emirates. He bought his first home in Dubai last October.
» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u
— CZ 🔶 Binance (@cz_binance) December 20, 2021
Blockchain technology’s growth in the UAE
Dubai and the United Arab Emirates have been doing a lot of work to help the local economy benefit from blockchain technology, non-fungible tokens, and cryptocurrencies. This initiative is in line with that.
As part of its 2021 business plan, the Dubai Financial Services Authority planned to set up a crypto regulatory framework in January, as part of the plan.
The authority has given the crypto industry a number of regulatory approvals so far. Dubai has become a place for a number of free economic zones for crypto, as well.
