As part of the Dubai government’s efforts to develop new economic sectors, the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for virtual assets and crypto, which will include digital assets, goods, operators, and exchanges.
Another government-backed project in Dubai attempts to create a favorable climate for the cryptocurrency business.
With the Dubai government establishing a new program to support local cryptocurrency development and regulation, the United Arab Emirates (UAE) is quickly becoming one of the world’s most cryptocurrency-friendly jurisdictions.
The Dubai World Trade Centre (DWTC), a government-owned venue and exhibition site in Dubai, has announced its intention to become an extensive spot and regulator for cryptocurrencies, operators, products, and exchanges.
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The Dubai World Trade Centre will collaborate with the private sector and other relevant institutions in Dubai to establish a welcoming environment for investors and enforce high standards for anti-money laundering (AML), cross-border deal flow tracing, and counter-terrorist financing (CFT),.
The plan, which is part of Dubai’s efforts to further develop virtual assets and markets, includes creating a framework for unique financial products and embracing emerging trends like non-fungible tokens (NFT) and cryptocurrencies based on advanced blockchain technology.
The Dubai Financial Services Authority said in January that it would build a crypto regulatory framework as part of its 2021 business plan. The government has already granted a number of regulatory permissions for the crypto industry, and Dubai has become a hub for a number of crypto-friendly free zones.
The World Trade Center will create and regulate a new world-class set of regulations for Digital Asset regulatory and enforcement policies, which will be crucial to facilitating and widening cross-border processes and ecosystem innovation in order to ensure safe market adoption and development in Dubai.
Binance CEO Changpeng Zhao is overjoyed with the news
Binance CEO Changpeng Zhao was the first in the cryptocurrency industry to praise the latest news about the Dubai World Trade Centre. Changpeng Zhao begins to develop a curiosity in the UAE’s cryptocurrency market following the purchase of his first property in Dubai in October.
The initiative is consistent with Dubai’s ongoing attempts to support crypto development, as both Dubai and the UAE have worked to guarantee that non-fungible tokens, blockchain technology, and cryptocurrencies benefit the local economy.
Since Changpeng Zhao was spotted in Dubai meeting with authorities, Twitter has been buzzing with rumors that Binance’s HQ will be erected in Dubai at the start of the fourth quarter. Binance’s aspirations to become a digital asset service provider in France by next year were confirmed by Changpeng Zhao last month, putting the Dubai HQ rumors to bed.
Given Binance’s ongoing efforts to expand its global reach by building offices in a variety of locations, the possibility of a Dubai headquarters does not seem impossible.
In September, the UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) came to an agreement on a framework that allows the DWTCA to authorise and regulate financial transactions involving digital currencies.