News reaching the crypto community reveal that the Dubai World Trade Centre (DWTC) is setting itself up to become the specialized crypto zone. The DWTC has always been interested in establishing itself as the dynamic new free zone for technologies.
DWTC to be the Hub for the Incubation and Regulation of Crypto
Tech hub Dubai sees it is time to take a centrepiece in the fast-spreading crypto industry. Dubai is among the world’s biggest crypto-friendly jurisdictions. Its government has always formulated laws that support local crypto development and regulation.
By being a specialized crypto zone, DWTC will be the hub for incubation and regulation of virtual assets and cryptocurrency in the United Arab Emirates. The initiative will see the DWTC collaborate with the private sector to design a comprehensive ecosystem for the crypto industry.
The Dubai Media House stated in the announcement that crypto products, operators and exchange services in the country are welcome to set up shop in the DWTC. The media house continued that the DWTC will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.
Another reason the DWTC is choosing to become the comprehensive crypto zone is to attract new businesses, considering the booming regional economic competition. The move is aimed to drive businesses to the city of Dubai, one of UAE’s federation of seven emirates.
Additionally, the statement assures investors of their protection. In setting itself up, the DWTC will ensure rigorous standards for investor protection, anti-money laundering, combat the financing of terrorism, compliance and cross border deal flow tracing.
The Process Towards DWTC Being a Hub for Crypto
The declaration of DWTC as the hub for crypto has been a process. Back in September, the DWTC Authority and UAE Securities and Exchange Commission agreed on a framework for approving and licensing crypto-related financial activities.
The following month in October, Dubai’s state-owned financial free zone DIFC and the Middle East’s major finance centre released a part of the regulatory framework for digital tokens.
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