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Dubai World Trade Centre to create new crypto hub and become regulator

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The United Arab Emirates (UAE) is emerging as one of the world’s most cryptocurrency-friendly regimes. With the Dubai government announcing a new program to assist local cryptocurrency development and regulation.

In fact, the Dubai World Trade Centre (DWTC), a government-owned event and exposition facility in Dubai, has announced that it would become a comprehensive zone and regulator for cryptocurrencies, products, operators, and exchanges on Dec. 20.

Additionally, the DWTC will establish an entire ecosystem for the creative industry in the emirate as part of the initiative. Collaborating with the private sector to provide an “attractive environment for the sector”. According to the DWTC, the project also aims to implement strict rules for investor safety. As well, anti-money laundering procedures, and counter-terrorist funding.

According to the news, the DWTC would “develop and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement regulation”.

Changpeng Zhao, the CEO of Binance, was among the first in the crypto community to congratulate the DWTC on their recent news. Besides, Zhao is said to be interested in the crypto industry in the United Arab Emirates. Having purchased his first house in Dubai in October.

UAE regulators approve crypto trading in Dubai free zone

Moreover, the move is in keeping with Dubai’s ongoing efforts to assist crypto growth. As both Dubai and the UAE have been working hard to ensure that the local economy benefits from blockchain technology, nonfungible tokens, and cryptocurrencies.

As part of its 2021 business plan, the Dubai Financial Services Authority announced in January that it will establish a crypto regulatory framework. So far, the authority has awarded a number of regulatory permissions for the crypto business. And Dubai has been home to a number of crypto-friendly free economic zones.

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