Middle East

Dubai World Trade Center Becomes Regulator of Virtual Assets and Cryptocurrencies

The Dubai World Trade Center (DWTC) will become a “comprehensive zone and regulator” of crypto assets and crypto, including emirate digital assets, products, operators and exchanges.

DWTC plans to design a comprehensive ecosystem for this sector within Dubai, announced Tuesday.

In a statement, the Dubai Media Office will work with Dubai’s private companies to enforce standards for investor protection, money laundering prevention (AML), terrorist financing (CFT) compliance and cross-border transaction flow tracking. He said it was planned.

The announcement is part of an effort to further develop Dubai’s virtual asset market, creating a framework for new financial products and adopting trends that rely on blockchain technologies such as non-fungible tokens (NFTs) and cryptocurrencies. Includes doing.

The DWTC states that “the legislative and enforcement policy for virtual assets is essential to promote and expand cross-border operations and ecosystem innovation to enable secure market adoption and growth in this sector of Dubai. We will provide and oversee a new world-class regulatory framework, “said the statement.

Dubai is active in the areas of cryptocurrencies and blockchain.

In March of this year, it was announced that crypto assets companies could obtain a bespoke license from the DMCC Cryptocurrency Center in Dubai.

The DMCC has signed a memorandum of understanding with the Securities and Instruments Authority (SCA) to establish a regulatory framework for companies that offer, issue, list and trade crypto assets in the free zone.

SCA approves crypto companies seeking to establish their position in the DMCC and regulate crypto activities in line with the policy introduced in October 2020 to develop an integrated ecosystem for the crypto and blockchain industries. Is issued.

read: Cryptocurrency business can now open offices in Dubai’s DMCC Free Zone

In May, the Dubai Airport Free Zone Authority (DAFZA) also signed a contract with SCA to support the regulation, provision, issuance, listing and trading of crypto assets within the Free Zone.

This agreement allows companies trading crypto assets to obtain licenses within DAFZA, and SCA will issue relevant approvals and licenses.

read more: Regulated trading of crypto assets starting in Dubai Airport Free Zone

https://gulfbusiness.com/dubai-world-trade-centre-to-become-regulator-for-virtual-assets-and-crypto/ Dubai World Trade Center Becomes Regulator of Virtual Assets and Cryptocurrencies

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