The UAE has said the Dubai World Trade Centre (DWTC) will become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.
The announcement is a part of the Dubai government’s efforts to create new economic sectors, an official statement said.
The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai and collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector.
The statement said the process involves enforcing rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.
The announcement follows the efforts to further develop Dubai virtual assets and markets and includes creating a framework for innovative financial products, adopting new trends relying on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.
The DWTC will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, and 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, the statement said.
