The Dubai World Trade Centre (DWTC) becomes a crypto zone and regulator for cryptocurrencies and different digital assets, the Dubai Media Office stated on Monday, a part of efforts to draw new business as regional economic competition heats up.
The move by the DWTC to create a specialized region for digital assets – which includes virtual assets, products, operators and exchanges — is a part of a drive by Dubai, one of the United Arab Emirates federation of 7 emirates, to create new monetary sectors, the assertion stated.
“Rigorous requirements for investor protection, anti-cash laundering, preventing the financing of terrorism, compliance and go border deal float tracing,” might be developed, it stated. In September, the UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) agreed a framework that permits the DWTCA to approve and licence economic activities referring to cryptocurrency assets.
In October, some other Dubai free zone DIFC, Dubai’s state-owned economic free zone and the Middle East’s primary finance centre, launched the first part of a regulatory framework for virtual tokens.
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