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Highlights
- Dubai’s authorities have announced that the country would soon embark on its journey to become a cryptocurrency-friendly jurisdiction.
- At the same time, it would enforce strict anti-money laundering measures and impose stringent standards to protect investors’ interests.
- The nation is looking forward to benefiting from advanced blockchain technology and cryptos.
A piece of good news is knocking on the doors of all the crypto lovers. In the latest announcement by the Dubai Media Office, DWTC, popularly known as the Dubai World Trade Centre, will soon become a comprehensive crypto zone and a regulator for cryptocurrencies and other digital assets.
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What is the rationale behind this move?
The creation of new economic sectors triggered the DWTC to initiate such a move for developing Dubai's digital assets markets.
Through this move, the city looks forward to adopting new trends related to cryptos, advanced blockchain technology and NFTs, thereby designing a comprehensive ecosystem for these new-age technologies within Dubai.
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Also, it aims to join hands with the private sector to initiate a congenial environment for this progressive sector.
Will it monitor this ever-volatile sector?
As a part of the initiative, the Dubai World Trade Centre will also focus on implementing strict standards for investor protection.
Further, it will enforce stringent Anti-Money Laundering measures and will keep a close watch on terror financing, which would invite harsh implications.
Dubai on the list of crypto-friendly nations
With this announcement, the Arab nation is on the list of top crypto-friendly nations across the globe.
Further, this year in October, Dubai’s another state-owned financial free zone, named the DIFC, which is also a leading financial centre across the Middle East, had published fundamentals pertaining to the regulatory framework for these virtual assets.
Binance keen on making Dubai its crypto exchange HQ
Changpeng Zhao, the CEO of Binance, currently the largest cryptocurrency exchange worldwide, has been a strong supporter of developing a crypto ecosystem in the UAE.
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Interestingly, this year, he had purchased his first home in Dubai.
It is noted that Binance is all prepped up to sign an agreement with the UAE national government pertaining to cryptocurrency activity.
Binance’s head opines that Dubai boasts a very good business environment and is among the most progressive cities across the world.
Bottom Line
The cryptocurrency market has got a boost as Dubai revealed its plans on becoming a crypto-friendly zone and a regulator of digital currencies.
