Dubai World Trade Centre will become a one-stop shop for boosting the adoption and regulation of cryptocurrencies and digital assets.
Dubai, one of the most crypto-friendly jurisdictions currently, will turn the World Trade Center (DWTCA) into a comprehensive and regulatory zone for digital assets. According to plans announced by the local government of Dubai, in the United Arab Emirates, the DWTCA free trade zone and financial complex will be a specialized zone for digital assets. cryptocurrencies, and technology blockchain, which will foster the development of companies and businesses dedicated to this industry. Dubai is collaborating with private sector companies to create an attractive environment for the development and growth of new technologies, without neglecting the security and stability of investors and participants.
Through the DWTCA, Dubai seeks to grow the cryptocurrency and digital asset ecosystem as a progressive space that will allow the development of other economic sectors. Last September, Dubai approved the issuance of licenses for companies dedicated to offering products and services with cryptocurrencies from this area. Now, with the new proposal, it will make the World Trade Center an innovative business and international investment zone for the consolidation of a new digital economy.
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Dubai and cryptocurrencies
Dubai is ranked as one of the most industry-friendly jurisdictions in the country. The city has flexible regulations that allow the trading and negotiation of cryptocurrencies in a legal manner. In October of this year, it launched a new Bitcoin investment fund approved by the DFSA, to allow investors interested in this cryptocurrency to be exposed to its growth and appreciation potential in the market. Likewise, a large part of the free zones located in the United Arab Emirates allow trading in cryptocurrencies, such as Kiklabb, which in February of this year became the first free zone in the country to admit Bitcoin and other crypto assets.
Now, with the new strategy being pushed by its government, the city of Dubai will become the hub of international investment and the business community. Helal Saeed Almarri, director general of the World Trade Center Authority, said that Dubai will continue to move towards technological development, innovation and the cryptocurrency and digital asset-led economy, adapting to new developments and trends in the industry, such as NFTs.
Regulatory standards
The World Trade Center Dubai is collaborating with the UAE’s Securities and Commodities Authority (SCA) to establish a set of global regulatory standards focused on investor protection and security. From this comprehensive ecosystem, regulators will focus on enforcing strict financial crime prevention regulations, such as AML (anti-money laundering) and CFT (combating the financing of terrorism) with crypto assets.
According to the DWTCA, a global regulatory framework will be essential to expand the adoption of cryptocurrencies in a safe manner, facilitating cross-border operations with cryptoassets and driving innovation and growth of new local and international companies within this ecosystem in general.
Continue reading: KIKLABB, the UAE's first free trade zone to accept Bitcoin and cryptocurrencies
