On December 20, the Dubai World Trade Centre with an aim to strengthen the digital economy announced a strategic move to become a cryptocurrency regulator and other virtual assets by setting up a Specialized Crypto Zone. The efforts made were aligned with the objective to attract new businesses as the regional economic competition is heating up.
The Dubai World Trade Centre Authority (DWTCA) and the UAE Securities and Commodities Authority (SCA) have stated their agreement towards the framework allowing the approval and licensing of financial activity by using crypto assets by the DWTCA.
The DWTC aims to further develop Dubai's virtual assets and markets and announced to create a specialized zone for virtual assets that will include digital assets, products, operators, and exchanges. Also, to create new economic sectors this drive was conducted.
"Rigorous standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance and cross border deal flow tracing," will be developed was the statement quoted by the DWTC.
Moreover, in September, the Dubai World Trade Centre Authority (DWTCA) and the UAE Securities and Commodities Authority (SCA) have agreed on a framework that permits the DWTCA to authorize and license financial activity using crypto assets. Similarly, in October, DIFC, Dubai's state-owned financial free zone, and the Middle East's primary finance center released the first element of a regulatory framework for digital tokens.