The United Arab Emirates (UAE) continues to emerge as one of the world’s biggest cryptocurrency-friendly jurisdictions. The government of the country has a new initiative to support local cryptocurrency development and regulation.
Officially announced December 20, the Dubai World Trade Centre (DWTC) will be a government-owned exhibition and event venue in Dubai and will become a regulator and comprehensive zone for cryptocurrencies, products and exchanges. The DWTC announced that it will create a comprehensive environment in Dubai for this sector. It will also work with the private sector to establish an “attractive ecosystem for the sector.”
The statement states that DWTC will provide and supervise a new, world-class regulatory framework for Virtual Asset legislation and enforcement policies.
Changpeng Zhao, the CEO of cryptocurrency exchange Binance, was one of the first to celebrate the announcement by the DWTC. Zhao reportedly began to become more interested in crypto in the UAE after he bought his first house in Dubai in October.
This initiative is in line with Dubai’s increasing efforts to support crypto development. Both Dubai and UAE have been actively working to ensure that the local economy can benefit from both blockchain technology and nonfungible tokens.
As part of its 2021 business plans, the Dubai Financial Services Authority announced in January that it was planning to establish a crypto regulatory structure. This authority has granted a number of regulatory approvals to the crypto industry, and Dubai has become a spot for free economic zones for cryptocurrency.