• January 13, 2022

Dubai World Trade Centre to regulate virtual assets and Crypto

Dubai is rightly one of the most innovative and technologically advanced business hubs in the world. The Dubai Government is continuously working towards introducing new and inclusive regulations that help businesses flourish.

One of the most recent announcements was about the Dubai World Trade Centre (DWTC). The DWTC will become a comprehensive zone and regulator for virtual assets and crypto (these would include products, exchanges, digital assets, and operators).

A comprehensive ecosystem will be designed by the Dubai World Trade Centre for this progressive sector within the Emirate.

The Dubai World Trade Centre also announced a collaboration with the Private Sector and relevant business entities. This would be done with the main aim of creating an attractive environment for the sector and introducing rigorous standards for factors such as investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and even cross-border deal flow tracing.

The Dubai World Trade Centre will also work towards creating a framework for innovative financial products and even adopting the latest trends that rely on advanced blockchain technology, including non-fungible tokens (NFTs) and cryptocurrencies. These steps will help further Dubai’s markets and virtual assets

The efforts carried on by the World Trade Centre will be beneficial in facilitating and broadening ecosystem innovation and cross-border operations in order to enable a safe market adoption and growth for this sector in Dubai.

Source: Government of Dubai Media Office