The Dubai World Trade Center (DWTC) will end up a crypto zone and regulator for cryptocurrencies along with other virtual assets, the Dubai Media Office stated on Monday, a part of efforts to draw in start up business as regional economic competition gets hotter.
The move through the DWTC to produce a specialised zone for virtual assets – including digital assets, products, operators and exchanges – belongs to a drive by Dubai, among the Uae federation of seven emirates, to produce new economic sectors, the statement stated.
“Rigorous standards for investor protection, anti-money washing, combating the financial lending of terrorism, compliance and mix border deal flow tracing,” is going to be developed, it stated.
In September, the UAE Securities and Goods Authority and also the Dubai World Trade Center Authority (DWTCA) agreed a framework that enables the DWTCA to approve and licence financial activities associated with cryptocurrency assets.
In October, another Dubai free zone DIFC, Dubai’s condition-owned financial free zone and also the Middle East’s major finance center, released part one of the regulatory framework for digital tokens.