(Government of Dubai) The Dubai World Trade Centre has announced it will come up with a compressive ecosystem to make it a hub for crypto and protect investors.
The new initiative by DWTC aims to make the region friendly for crypto development for various operators and exchanges.
DWTC says it will partner with players in the private sector to make the new initiative a reality, with the objective to come up with a world-class virtual asset regulatory and enforcement rule.
The authorities will also come up with rigorous standards for protecting investors, countering money laundering, and combating terrorism financing.
The announcement by DWTC caught the attention of Binance’s Changpeng Zhao, who lauded the move, with the CEO having established his first residence in Dubai in October following its growing crypto ecosystem.
The latest news comes as officials in Dubai and UAE make inroads into blockchain technology including the NFTs. Early in the year, the Dubai Financial Services Authority hinted at including a crypto regulatory framework in its business plan for the year.
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