Dubai World Trade Centre to become regulator for virtual assets and crypto

Dubai World Trade Centre (DWTC) will become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges, the official WAM news agency reported on Monday.

The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.

The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.

The announcement that comes within the efforts to further develop Dubai 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 continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology, the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai,” reads the statement issued by Dubai Media Office.