TL; DR Breakdown
- Dubai World Trade Center is setting a regulatory crypto zone.
- First part of regulatory mechanism for Digital Tokens released.
Recently, Dubai World Trade Center officially showed interest in establishing a framework to set up a specialized crypto zone. It’s been almost forty years since DWTC was established. Dubai World Trade Centre has been consistent with the growth of a dynamic new free zone, established in 2015.
DWTC Authority is popular for providing a unique and highly desirable proposition for organizations and newly emerged businesses seeking a competitive and well-regulated, and well-secured ecosystem to compete even more effectively on regional and global levels.
They are positioned in Dubai’s Central Business District with the aim of providing an ideal environment for SMEs, startups, and large corporations to operate locally while benefiting from regional and global markets. Under the jurisdiction of DWTC Authority, there are free zone spans from the iconic Dubai World Trade Centre to the adjoining One Central. Now DWTC has some serious future evolving plans for businesses and communities by setting up a specialized crypto zone.
The inception of a specialized crypto zone for virtual assets
The recent news regarding the establishment of a crypto zone has put DWTC into mainstream crypto highlights. The introduction of specialized crypto zones with proper protection standards from illegal activities and a legal framework for crypto assets is something big for the whole crypto community.
The Dubai World Trade Centre is close to becoming a crypto zone and regulator for digital currencies and other virtual assets. According to the Dubai Media Office’s most recent reports, this is part of their efforts to attract newly emerged business as regional economic competition heats up.
The step forward by the DWTC to establish a specialized zone for virtual assets – including products, digital assets, operators, and exchanges is part of a drive-by Dubai. Plus, One of the United Arab Emirates federations of seven emirates, to work on new economic sectors, as per the statement.
The scope of development
In addition, a rigorous set of standards for investor protection, countering the financing of terrorism, anti-money laundering along with compliance and cross border deal flow tracing, are part of development.
In mid-September, the UAE Securities and Commodities Authority and the Dubai World Trade Centre Authority had a consensus on such a framework that enables the DWTCA to license and approve financial activities specifically relating to cryptocurrency assets.
In October, another Dubai state-owned financial free zone, Dubai free zone DIFC along with the Middle East’s major finance center, officially released the first part of a regulatory mechanism for digital tokens.
