Dubai World Trade Center to Become a ‘Comprehensive’ Crypto Zone

Dubai World Trade Center (DWTC), one of the well-known business hubs in the United Arab Emirates, announced an attractive strategy to help crypto and digital asset businesses today. According to DWTC, it will become a comprehensive zone and regulator for companies working in the crypto ecosystem, including operators and digital exchanges.

DWTC called cryptocurrencies a ‘progressive’ sector and mentioned that it will contribute to the growing adoption of digital assets in the region. Moreover, DWTC will establish partnerships with the private sector to create an attractive and secure environment for the sector.

“The step continues to accelerate Dubai’s standing as a leading global center for business, trade, and technology – the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies – 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,” DWTC noted.

In October 2021, Dubai’s financial regulatory authority (DFSA) announced that it is planning to launch a clear crypto regulatory framework for investment tokens in the region.

Dubai’s Crypto Sector

Due to its crypto-friendly approach, Dubai is home to some of the world’s largest blockchain and digital firms. While the regulatory authorities are focusing on a secure ecosystem for the growth of blockchain technology in the region, they are tightening the rules around crypto money laundering.

“The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing,” DWTC added in the press release.

In November 2020, Ripple, one of the world's largest blockchain firms, selected Dubai for the company’s regional headquarters.