Dubai World Trade Centre to become regulator for crypto

The Dubai World Trade Centre [DWTC] is set to become a crypto zone and regulator of crypto and virtual assets, as per the information shared by the Dubai Media office. This was done in an effort to create new economic sectors.

The Dubai government has remained proactive in enabling the citizens to use crypto and this time it will be pushing the adoption with the private sector and other relevant entities. The report shared added,

“The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.”

Reportedly, the United Arab Emirates Securities and Commodities Authority and the DWTCA agreed upon a framework to allow the DWTCA to approve and license the financial activities relating to crypto-assets. Adding to some positive crypto moves, the nation will also focus on the development of the non-fungible token [NFT] industry.

The authorities were working out policies to facilitate the incorporation of “innovative financial product”. It was also paying attention to the adoption of “new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”

The report added,

“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.”

As Dubai focuses to remain up-to-date with the evolving crypto industry, it could gain the attention of crypto businesses to set up shop.