The Dubai government has announced that as part of its efforts to create new economic sectors, the Dubai World Trade Center (DWTC) will become a comprehensive regulatory zone for digital assets, operators, products, exchanges and cryptocurrencies.
Officials in Dubai, one of the world’s largest crypto-friendly countries, stated that they are working to make cryptocurrencies more accessible and secure.
“Dubai World Trade Center will present and oversee a new regulatory framework for Virtual Asset legislative and enforcement policies worldwide,” the announcement said. it was said.
DWTC will work with the private sector in Dubai to create a comprehensive ecosystem for the cryptocurrency industry. Within the scope of the studies, it is aimed to apply strict standards for the protection of investors, Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
The country of Dubai will also focus on the development of the NFT industry, according to the government’s new announcement as part of its effort to develop the crypto market.
The officials also stated in the statement that they are “targeting the adoption of new trends based on advanced core blockchain technology such as NFT and cryptocurrencies.”
Amid the rumors about Binance opening an office in Dubai, the CEO of the exchange, CZ, shared on his twitter account about the Dubai government’s DWTC announcement.
» Dubai World Trade Center to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u
— CZ 🔶 Binance (@cz_binance) December 20, 2021