Dubai World Trade Centre to set up specialised crypto zone

Dubai World Trade Centre to set up specialised crypto zone
Dubai World Trade Centre to set up specialised crypto zone   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">DUBAI</span> – The Dubai World Trade Centre (<span class="caps">DWTC</span>) 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.</p> <p>The move by the <span class="caps">DWTC</span> 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.</p> <p>“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. </p> <p>In September, the <span class="caps">UAE</span> Securities and Commodities Authority and the Dubai World Trade Centre Authority (<span class="caps">DWTCA</span>) agreed a framework that allows the <span class="caps">DWTCA</span> to approve and licence financial activities relating to crypto assets. </p> <p>In October, another Dubai free zone <span class="caps">DIFC</span>, 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.</p> <p/> </div>