On Monday, the Dubai Media Office said that the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for other virtual assets and cryptos. It is a part of the efforts to lure new business as regional economic competition rises.

According to the statement, DWTC’s stance to develop a specialized zone for virtual assets – including digital products, assets, exchanges and operators – is a part of a drive by Dubai, one of the UAE federation of 7 emirates, to develop new economic sectors.

The statement further said that the strict norms for anti-money laundering, investor protection, fighting the financing of terrorism, cross-border deal flow tracing and compliance will be created.

The Dubai World Trade Centre Authority (DWTCA) and the UAE Securities and Commodities Authority agreed to a system that enables the DWTCA to license and approve financial activities associated with the crypto assets in September.

By Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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