Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets. The move by the DWTC to create a specialized zone for virtual assets – including digital assets, products, operators, and exchanges – is part of a drive by Dubai, one of the United Arab Emirates federations of seven emirates. Rigorous standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance, and cross border deal flow tracing.
The UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) agreed a framework that allows the DWTCA to approve and license financial activities relating to crypto assets. Another Dubai free zone DIFC, Dubai’s state-owned financial free zone and the Middle East’s major finance center, released the first part of a regulatory framework for digital tokens.