The Dubai Media Office said on Monday that the Dubai World Trade Center (DWTC) would become a crypto zone and regulator for cryptocurrencies and other virtual assets, as part of efforts to attract new businesses as regional economic competition heats up.
The DWTC’s move to create a specialized zone for virtual assets, including digital assets, products, operators and transactions – is part of Dubai’s drive to become one of the seven emirates of the United Arab Emirates to create new economic sectors. The report said.
“Strict standards will be set for investor protection, anti-money laundering, counter-terrorism financing, compliance and detection of cross-border contract flow,” it said.
In September, the UAE Securities and Commodities Authority and the Dubai World Trade Center Authority (DWTCA) approved a framework that would allow DWTCA to authorize and license financial transactions related to cryptocurrency assets.
In October, another Dubai Free Zone DIFC, Dubai’s state – owned financial free zone and the Middle East’s main financial center, unveiled the first part of the regulatory framework for digital tokens.