Dubai World Trade Centre becomes crypto regulator in the country

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

The government-owned event and exposition site, the Dubai World Trade Centre (DWTC), has been decided to work as the comprehensive zone and become a regulator for cryptocurrencies, products, exchanges, and operators.

The DWTC will construct a full ecosystem for this innovative sector in Dubai as part of the plan by collaborating with the private sector to make an “attractive environment for the sector.” According to the DWTC, the initiative also intends to develop strict standards for investor safety, anti-money laundering measures, and fighting terrorism financing.

The announcement states, “The World Trade Center will handle the delivery and overseeing of a new world-class regulation of Virtual Asset legislative and enforcement regulations.”

Zhao praises Dubai for its efforts

Changpeng Zhao, the CEO of the world’s most popular crypto exchange Binance, praised the DWTC’s recent announcement with the whole crypto community welcoming the decision.

» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u

— CZ 🔶 BNB (@cz_binance) December 20, 2021

As TheCoinRise reported, Zhao had a meeting with Dubai officials in October, leading to speculations regarding some partnership in the coming days. Zhao appears to have developed an interest in the UAE’s crypto industry since he reportedly purchased his first property in Dubai in October.

During late October, the country brought new regulations for investment tokens as a part of its efforts to stimulate the digital fintech space.

The project is in keeping with Dubai’s ongoing efforts to assist crypto growth, as both Dubai and the UAE have been working to ensure that blockchain technology, cryptocurrencies, and non-fungible tokens (NFTs) boost the country’s economy.

Dubai is continuously seen embracing blockchain technology as recently, Dubai police partnered with the crypto exchange BitOasis to combat the fraudster elements in the country.