The Dubai World Trade Center will become a cryptocurrency regulatory area as part of an initiative by the Dubai authorities to create an enabling environment for the cryptocurrency sector.
The United Arab Emirates (UAE) is becoming an increasingly crypto-friendly jurisdiction. The Dubai government has launched a new initiative to support the development and regulation of cryptocurrencies at the local level, under which the Dubai World Trade Center (DWTC) will become a cryptocurrency regulation area.
DWTC will partner with private companies to create an attractive environment for the cryptocurrency sector and to enforce standards for investor protection, anti-money laundering (AML) and terrorist financing (CFT).
“The Dubai World Trade Center will provide and will oversee a new world-class regulatory framework for the legislative and enforcement policy for virtual assets,” the statement said.
The Dubai government is active in regulating the sector. In October, Dubai Police announced a partnership with local firm BitOasis to train employees in detecting fraudulent schemes in cryptocurrency trading. In addition, the Dubai Financial Services Authority (DFSA) has developed a regulatory framework for regulating share tokens.
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