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Dubai sets up crypto zone and regulator

Dubai World Trade Center will be the hub for virtual assets

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As a part of Dubai Government's efforts to create new economic sectors, Dubai World Trade Center (DWTC) will become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators, and exchanges.

DWTC will design a comprehensive ecosystem for this sector in Dubai, in collaboration with the private sector and relevant stakeholders, to create an attractive environment and enforce standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance, and cross-border deal-flow tracing.

The announcement supports efforts to develop Dubai's virtual assets and markets by adopting new trends that rely on advanced blockchain technology, such as non-fungible tokens (NFTs) and cryptocurrencies.