The United Arab Emirates (UAE) continues to be one of the largest cryptocurrency-friendly jurisdictions in the world.
The Dubai government has released a new initiative to support the development and regulation of local cryptocurrencies.
The Dubai World Trade Center (DWTC), owned by the Dubai government, is an event and exhibition venue. They officially announced that Dubai would become a comprehensive area and regulatory agency for cryptocurrencies, products, operators, and exchanges on Monday.
According to this plan, DWTC will design an integrated ecosystem for this progressive industry in Dubai. They also plan to work with the private sector to create an attractive environment for the industry.
DWTC stated that the project also aims to implement strict investor protections, anti-money laundering measures, and standards for combating the financing of terrorism.
Changpeng Zhao, Binance CEO, became one of the first people from the crypto industry to celebrate DWTC’s new announcement. According to reports, Zhao bought his first home in Dubai in October. Hence, it is clear that he is increasingly interested in the crypto ecosystem in the UAE.
This initiative is consistent with Dubai’s continuous efforts to support the development of cryptocurrencies. Dubai and the UAE have been working for the local economy to benefit from blockchain technology and irreplaceable tokens and cryptocurrencies.
In January, the Dubai Financial Services Authority planned to establish an encryption regulatory framework for its 2021 business plan. So far, the agency has issued a series of regulatory approvals for the crypto industry. Hence, Dubai has become the location of several crypto-free economic zones.
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