Dubai World Trade Centre (DWTC) on Monday announced plans to become a hub and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.
The move is part of Dubai government efforts to create new economic sectors, DWTC said in a statement.
The Dubai World Trade Centre said it will be designing a comprehensive ecosystem for this progressive sector within Dubai.
DWTC added that it will collaborate with the private sector and relevant entities in Dubai to create an “attractive environment” for the sector.
It will also enforce rigorous standards for investor protection, including anti money laundering mesaures and cross border deal flow tracing.
The announcement that comes within the efforts to further develop Dubai’s virtual assets and markets includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.
The step aims to accelerate Dubai’s standing as a leading global centre for business, trade and technology, with DWTC delivering a new “world-class regulatory framework of virtual asset legislative and enforcement policies”, the statement added.
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