UAE DWTC to regulate virtual, digital and crypto assets
UAE DWTC (Dubai World Trade Centre) has officially announced that it will regulate virtual assets and crypto including digital assets, products, operators and exchanges and will be a zone for these entities.
The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.
The Dubai World Trade Centre will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.
The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.
This comes after DWTC authority recent announcement of the signing of a Memorandum of Understanding with CNMENA Holding BVI, the parent company of CoinMENA, the Sharia-compliant digital asset exchange company licensed and regulated by the Central Bank of Bahrain to develop a Crypto Asset and Blockchain Hub at Dubai World Trade Centre (DWTC).
The step continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology, the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai.
