Thursday, April 18, 2024

Dubai World Trade Center will establish a crypto-specific zone

Dubai intends to establish new economic sectors in the near future. In an effort to attract new companies as regional economic competition heats up, the Dubai World Trade Center (DWTC) will has designated as a crypto zone. And regulator for cryptocurrencies and other virtual assets, according to a statement released by the Dubai Media Office on Monday.

The decision by the Dubai World Trade Center to establish a specialized zone for virtual assets — which includes digital assets, products, operators, and exchanges — is part of a larger effort by Dubai, one of the seven emirates that make up the United Arab Emirates, to develop new economic sectors, according to a statement.

In addition, “rigorous criteria for investor safety, anti-money laundering, countering the financing of terrorism, regulatory compliance, and cross-border deal flow tracing” would be developed, according to the statement.

The Dubai World Trade Centre Authority (DWTCA) and the UAE Securities and Commodities Authority (SCA) reached an agreement in September on a framework. This framework will allow the DWTCA to approve and regulate financial transactions involving bitcoin assets.

Another Dubai free zone opened its doors in October. Digital tokens has now regulated in the DIFC, Dubai’s state-owned financial free zone. And also on the Middle East’s most important financial centre which has released the first element of a regulatory framework for them.

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