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Breaking: Dubai World Trade Centre to become regulator and comprehensive zone for Crypto
Image Source: Exhibition Showcase
By Palak Malhotra
Published 11 hours ago Updated 11 hours ago
The latest update from the pro-crypto nation, Dubai saw its government declare that the Dubai World Trade Centre (DWTC) will soon become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges.
Dubai authorities have continued to put efforts toward enabling crypto’s mass adoption in the nation, this time around by working together with the private sector and relevant entities to make crypto more accessible, and secure. The authorities have declared to enforce “rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.”
Furthermore, the nation will also gravitate its focus towards the development of the Non-Fungible Token (NFT) industry. The authorities noted that they aim to carve out policies that facilitate the incorporation of “innovative financial product”, along with adoption of “new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”
“The step continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology, the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai.”
Binance’s Dubai HQ
Binance CEO, Changpeng Zhao tweeted the Government of Dubai’s community announcement about their exclusive pro-crypto step. This is unsurprising, given raging speculations about Binance setting up shop in Dubai.
» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u
— CZ 🔶 Binance (@cz_binance) December 20, 2021
During the beginning of the forth quarter, Twitter was flooded with speculations of Binance’s potential HQ set up in Dubai since CZ was spotted in Dubai, attending a meeting with the authorities. The Dubai HQ rumours were put on halt when last month, CZ revealed Binance’s plans to become a digital asset service provider in France by next year. Nevertheless, looking at Binance’s ongoing efforts to expand its global reach by laying ground in different corners of the world, speculations about a Dubai HQ do not seem far fetched.
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