Dubai is known to many entrepreneurs primarily as a tax haven. Now, this extraordinary city in the middle of the desert plans to make the Dubai World Trade Center (DWTC) a cryptocurrency zone. The goal is to promote mass adoption of digital assets.
Cryptocurrency Friendly Zone
Cryptocurrencies With each passing day, they are less and less often considered something niche, and social awareness of them is constantly increasing. The industry is developing at a very dynamic pace and we increasingly hear opinions that it is already becoming mainstream.
Dubaione of the seven emirates in the United Arab Emirates (UAE), can definitely be considered a crypto-friendly region. Now, the city aims to become one of the best jurisdictions related to digital assets.
According to local media, Dubai authorities announcedthat the Dubai World Trade Center (DWTC), owned by government institutionswill soon become a comprehensive zone and regulator for entities from the cryptocurrency world.
All of this revolves around the mass adoption of cryptocurrencies and is to be based on a project of a “comprehensive ecosystem” dedicated to this industry. The ultimate goal of cooperation with the private sector and other entities is to make cryptocurrencies accessible and safe for everyone.
Dubai World Trade Center will work with the private sector and relevant entities in Dubai to create an attractive environment for the sector and enforce rigorous standards of investor protection, anti-money laundering (AML), combating the financing of terrorism (CFT) and tracking cross-border transaction flows.
– it was reported yesterday Dubai Media Office.
Keep up with trends
What’s more, the event is linked to the authorities’ work on the development of the virtual asset market in Dubai. The city administration intends to set standards for the seamless integration of “innovative financial products”. The government wants to best assimilate the latest trends, which are becoming increasingly popular, and not only in the cryptocurrency industry. An example of this are tokens (NFTs), which are constantly gaining new supporters.
The World Trade Center will deliver and oversee a new, world-class regulatory framework for digital asset laws and regulations that will be key to facilitating and expanding cross-border operations and ecosystem innovation. We aim to safely embrace and develop this market and sector in Dubai.
– informs the website.
Dubai is considered a very friendly jurisdiction for the cryptocurrency market. Since September, trading in digital assets has been fully legal there. Some time ago, we wrote about the city’s open interest in projects based on blockchain technology.
