The United Arab Emirates (UAE) is making steps towards becoming more crypto-friendly as its government released a new plan that will offer support to growing and regulating cryptos at a local level with the Dubai World Trade Center (DWTC) set to become a crypto regulation area.
DWTC will collaborate with various private companies in order to develop an environment that is sufficiently attractive for the crypto sector while also enforcing anti-money laundering and anti-terrorist financing rules, plus those needed for investor protection.
According to a press release from Dubai:
“As a part of Dubai government efforts to create new economic sectors, it was announced today that the 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 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.”