Dubai World Trade Centre will become a hub for cryptocurrency regulation

DWTC will work with private organizations and other local companies to create a comfortable zone for the crypto sector

21.12.2021 - 12:35

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1 min

What’s new? The United Arab Emirates (UAE) is becoming one of the most cryptocurrency-friendly jurisdictions. The Dubai government has announced a new program to promote the development and regulation of cryptocurrencies. The Dubai World Trade Centre (DWTC) said that it will become a comprehensive zone and regulator for digital assets, products, operators, and exchanges.

Information on the Dubai Government website

What are the prospects? DWTC will work with private organizations and other local companies to create a comfortable zone for the cryptocurrency sector. They plan to ensure the strict standards for investors’ protection, anti-money laundering (AML), combating the financing of terrorism (CFT) and tracking cross-border transaction flows.

“The World Trade Center will deliver and oversee a new world-class regulatory framework of virtual asset legislative and enforcement policies.”

What had happen befor? In January, the Dubai Financial Services Authority announced that it would establish a regulatory framework for cryptocurrencies as part of its 2021 business plan. So far, the Authority has issued a number of regulatory permits for the sphere, and Dubai has become a hub for crypto free zones.

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