Dubai World Trade Centre Plans to be ‘The Crypto Hub’
The United Arab Emirates (UAE), one of the world’s biggest cryptocurrency-friendly jurisdictions, has took the baton to developing a new economic front, and it’s tailor-made for the crypto market.
On December 20, the Dubai World Trade Centre (DWTC) stated that it plans to turn into a comprehensive zone and regulator for virtual assets and crypto, comprising of digital assets, goods, operators, and exchanges.
“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement read.
Binance CEO Changpeng Zhao, who allegedly bought his first house in Dubai this October, has shown significant interest in UAE’s aspirations to lay the foundations for the crypto sector. He was among the first to send his remarks on DWTC recent announcement.
DWTC is working in tandem with the private sector and relevant entities to impose rigorous standards for investor protection, anti-money laundering (AML), counter-terrorist financing (CFT) compliance, and cross-border deal flow tracing, the Dubai Government Media Office said.
On the non-fungible tokens’ front, UAE’s postal operator even issued NFT stamps on December 2, to commemorate the country’s 50th National Day.
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