The United Arab Emirates has continued to embrace cryptocurrency by creating an attractive environment despite regulatory uncertainties in other parts of the world.
Dubai World Trade Centre (DWTC) has officially announced that it will become a comprehensive zone and regulator of cryptocurrencies, exchanges, operators and products.
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Further details revealed that the DWTC will be designing a comprehensive ecosystem for the sector within Dubai by collaborating with the private sector and relevant entities to create an attractive environment.
The Dubai World Trade Centre also aims to enforce Anti Money Laundering (AML), rigorous standards for investor protection, Combating the Financing of Terrorism (CFT) compliance and cross border tracing of funds.
The statement reads:
The step continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology, the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai.
This news comes after the DWTC signed an agreement with the UAE Securities and Commodities Authority (SCA) in September to support the regulation and trading of cryptocurrencies within the Dubai World Trade Centre free zone.
These developments has further shown the United Arab Emirates growing interests in crypto and creating an attractive environment while positioning Dubai as a leading global centre for business, trade and technology.