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The Dubai World Trade Centre becomes a crypto zone

20 Dec 2021 : 12:46
2 min read
  • The Dubai World Trade Centre (DWTC) will become a crypto zone and a regulator for cryptocurrencies and other virtual assets
  • The project also aims to enforce strict standards for investor protection and anti-money laundering measures
  • Dubai wants to compete with Singapore, Switzerland, and other regions to become a global crypto hub

The Dubai World Trade Centre (DWTC) will become a crypto zone and a regulator for cryptocurrencies and other virtual assets, the Dubai Media Office announced on Monday,

Specialised crypto zone

The Dubai World Trade Centre (DWTC), a state-owned event and exhibition venue in Dubai, will become a specialized zone and regulator for cryptocurrencies, products, operators, and exchanges. Under the initiative, DWTC will develop a comprehensive ecosystem for this innovative sector in Dubai and work with the private sector to create an “attractive environment for the sector.”

The project also aims to enforce strict standards for investor protection, anti-money laundering measures, and countering terrorist financing, DWTC said. “The World Trade Centre will deliver and oversee a new, world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement said.

Dubai, the new crypto hub

The initiative is in line with Dubai’s growing efforts to support the development of cryptocurrencies. Both Dubai and the UAE have been active in ensuring that the local economy benefits from blockchain technology and non-fungible tokens and cryptocurrencies. In January, the Dubai Financial Services Authority planned to establish a regulatory framework for cryptocurrencies as part of its 2021 business plan.

Dubai wants to compete with Singapore, Switzerland, and other regions to become a global crypto hub. It wants to create a regulatory framework that provides licenses for crypto trading. At the same time, Bahrain and Abu Dhabi are striving to become the leading cryptocurrency hub in the Gulf region.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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