In an effort to attract new business at a time when regional economic competition is on the rise, Dubai World Trade Centre (DWTC) will become a cryptocurrency zone and regulator for cryptocurrencies and other virtual assets, the Dubai Media Office reported on Monday.
Dubai, one of the seven emirates that comprise the federation of the United Arab Emirates, has recently announced plans to develop new economic sectors that will include a virtual asset zone, operators, and exchanges.
“Rigorous standards for investor protection, anti money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing,” will be developed, it said.
As part of its regulatory framework for digital tokens, the DIFC, Dubai’s state-owned free zone and a major finance center in the Middle East, released the first part of its framework in October.
