The government in Dubai is planning to create an engaging environment for crypto users. With UAE’s approach to become a suitable crypto-friendly region in the world, the new initiative taken by the Dubai government suggests a new initiative to develop and regulate the local crypto market.
Dubai World Trade Centre’s Transformation in Crypto Regulator
The World Trade Centre in Dubai is planning an exhibition and government-backed event to make the DWTC a regulatory and comprehensive zone for crypto tokens, operators, products and exchanges.
The official announcement was made on 20th Dec. The initiative is planned to consist of the development of a comprehensive ecosystem in the jurisdiction of Dubai. It will even coordinate in the private sector to plan an attractive ambience within the sector.
The project has objectives to implement rigorous standards to protect investors. Furthermore, they will have laundering measures and plan to fight terrorism funding, as stated by the DWTC. A statement delivered by DWTC said World Trade Center is going to deliver and monitor a novel top-notch regulatory structure based on Virtual Asset enforcement and legislative policies.
The Response from Crypto Community
The CEO of Binance, Changpeng Zhao was the first one to react to this novel announcement made by DWTC. Binance’s CEO’s increasing interest in the UAE’s crypto ecosystem is seen in his purchase of a property in Dubai.
Crypto Community proffered positive responses to this initiative that indicates the improving state of crypto-friendliness and development in Dubai and UAE. The initiative suggested developing the local economy to attain advantages through NFTs and blockchain technology.
The last initiative was made by The Dubai Financial Services Authority was made in January. It planned a crypto regulatory framework in the business plan of 2021. Several regulatory approvals have been issued by the authority concerning the crypto market. This further indicated the growth of free economic zones in Dubai for crypto.
