In Brief:
- The Dubai World Trade Centre (DWTC) will be turned into a specialised crypto zone as well as a regulator, as per the official statement
- The statement also reveals plans for creating a framework for novel financial products, bringing in new trends.
In an effort to create new economic opportunities, the Dubai World Trade Centre (DWTC) will be turned into a specialised crypto zone as well as a regulator for digital assets, products, operators and exchanges, as per an official statement.
The Dubai WTC will not just create an attractive environment for the sector but also enforce stringent standards for investor security, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.
Other plans that are laid down in the statement include creating a framework for novel financial products, bringing in new trends that are dependent on advanced underlying blockchain technology like NFTs and cryptocurrencies.
The step continues to elevate Dubai’s standing as a leading global centre for business, trade and technology.
Globally, the response to digital assets has been quite bittersweet. For instance, recently, the Senate of Paraguay passed a bill related to mining and trading of crypto while on the other hand, Bank of England has been trying to ramp up talks with the international community regarding imposition of regulation on crypto.
