The Dubai World Trade Centre will establish a new crypto hub and act as a regulator.

 The Dubai World Trade Centre will establish a new crypto hub and act as a regulator.

Another government-backed project in Dubai attempts to create a favourable climate for the cryptocurrency business.

The United Arab Emirates (UAE) is becoming one of the world's most cryptocurrency-friendly regimes, with the Dubai government announcing a new programme to assist local cryptocurrency development and regulation.

The Dubai World Trade Centre (DWTC), a government-owned event and exhibition venue in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, DWTC officially announced Dec. 20.

The DWTC will construct a full ecosystem for this innovative sector in Dubai as part of the plan, collaborating with the private sector to create a "attractive environment for the sector." According to the DWTC, the project also aims to implement strict standards for investor safety, anti-money laundering procedures, and combatting terrorism financing.

The announcement states, "The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies."

Binance CEO Changpeng Zhao was one of the first in the crypto community to applaud the DWTC's recent news. Zhao appears to have developed an interest in the UAE's crypto industry, since he reportedly purchased his first property in Dubai in October.

 

The plan is in keeping with Dubai's ongoing efforts to assist crypto growth, with both Dubai and the UAE actively seeking to benefit the local economy from blockchain technology, nonfungible tokens, and cryptocurrencies.

The Dubai Financial Services Authority announced in January that as part of its 2021 business plan, it would establish a crypto regulatory framework. So far, the authority has awarded a number of regulatory permissions for the crypto business, and Dubai has become a hub for various crypto-friendly free economic zones.

 

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