Dubai World Trade Centre to regulate crypto asset operations
This comes as a part of Dubai government efforts to create new economic sectors
Dubai: The Dubai World Trade Centre (DWTC) will become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.
The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.
The Dubai World Trade Centre will collaborate with private entities in Dubai to create an attractive environment for the sector, and enforce standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.
The announcement 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.