The United Arab Emirates (UAE) is extending its enthusiasm and openness to the cryptocurrency industry further as the Dubai World Trade Center (DWTC) has expressed intentions to support and regulate the sector further, in an effort to “create new economic sectors.”
The Dubai government-owned event and exhibition center announced earlier today that it will be soon become a comprehensive zone and regulator for digital assets, products, operators, and exchanges.
The center will be designing a comprehensive ecosystem for this progressive sector within Dubai, along with collaborating with Dubai’s private sector to create an “attractive environment for the sector.”
It further noted that this will be done under the purview of rigorous investor protection standards combined with anti-money laundering and terrorist financing measures.
“The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”
This development is another progressive step in the UAE’s efforts towards supporting the digital asset and blockchain industry, just as it has done with previous technological innovations. Dubai’s exponential developmental growth has now positioned it as one of the fastest-growing metropolitan areas in the world.
The UAE, especially Dubai, is known for its welcoming stance on crypto and blockchain technology. The city has already become a spot for several free economic zones, which permit cryptocurrency trading under an established regulation. Moreover, the Dubai Financial Services Authority had also announced its decision to work on a holistic crypto regulatory framework as part of its 2021 business plan.
The watchdog has already introduced a framework for investment token regulation, with more to follow soon. Recent regulatory approvals also include the launch of its first Bitcoin fund worth $200 million. With the launch of regulated crypto exchanges on the way and such heightened support and regulations in place, Dubai’s transformation into a crypto hub seems almost complete.