Dubai World Trade Centre to Set Up Specialised Crypto Zone

Dubai is planning to set up new economic sectors.

By Reuters | Updated: 20 December 2021 17:41 IST

Dubai World Trade Centre to Set Up Specialised Crypto Zone

Photo Credit: Reuters

The move to become a crypto zone is part of efforts to attract new business, according to the DWTC

Highlights

Dubai's DWTC will create rigorous standards for investor protection
Digital assets, products, operators and exchanges will be covered
Dubai's financial free zone is also working on a regulatory framework

The Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets, the Dubai Media Office said on Monday, part of efforts to attract new business as regional economic competition heats up.

The move by the DWTC to create a specialised zone for virtual assets - including digital assets, products, operators and exchanges — is part of a drive by Dubai, one of the United Arab Emirates federation of seven emirates, to create new economic sectors, the statement said.

"Rigorous standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing," will be developed, it said.

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In September, the UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) agreed a framework that allows the DWTCA to approve and licence financial activities relating to cryptocurrency assets.

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In October, another Dubai free zone DIFC, Dubai's state-owned financial free zone and the Middle East's major finance centre, released the first part of a regulatory framework for digital tokens.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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