Today, December 20, the government of Dubai published a press release, saying that the Dubai World Trade Centre (DWTC) will turn into a comprehensive zone and regulator for digital assets and crypto. As the government said the statement includes digital assets, products, operators, and exchanges.
Related: Bittrex CEO praises UAE for creating conditions for crypto development
DWTC will build a structure for the crypto industry within Dubai.The announcement says DWTC will work with the private sector and related entities to set an attractive venue for the industry. There will be rules for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance, and cross-border deal flow tracing.
Thus, the Dubai government increases its efforts to develop virtual assets and markets. For this purpose, it creates a framework for innovative financial products to adopt new blockchain-based trends, such as NFTs and cryptos.
It was mentioned in the release that the framework will facilitate and extend international transactions and innovation.Earlier, in September, the UAE regulators officially legalized crypto activities such as offering, selling, buying and listing in the Dubai free zone.