Dubai’s World Trade Center To Create A New Crypto Hub

Dubai’s world trade center will create a crypto hub and bring a more attractive environment for the entire crypto industry by creating crypto-friendly regulations as well so let’s read more in our latest cryptocurrency news today.

The United Arab Emirates continues to emerge as one of the biggest crypto-friendly jurisdictions as Dubai has a new goal to support local crypto development and regulation. Dubai’s world trade center is a government-owned event and exhibition venue in Dubai that will become a comprehensive zone and regulator of crypto, operators, products, and exchanges as the DWTC announced. As part of the initiative, the DWTC will design a comprehensive ecosystem for the progressive sector in Dubai and collaborate with the private sector to set up the environment for the sector. The proejct aims to enforce the standards for investor protection but also strict Anti-Money Laundering measures and combat financing of terrorism. The statement read:

“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.”

Binance CEO Changpeng Zhao was among the very few in the community to celebrate the new announcement from DWTC. Zhao was becoming even more interested in the crypto ecosystem in UAE as he bought his first home in Dubai back in October. The initiative came in line with Dubai’s growing efforts to support the developments of crypto as both the UAE and Dubai were working for the local economy to benefit from blockchain technology and NFTs and crypto. The Dubai Financial Services Authority was planning to set up the crypto regulatory framework as a part of the 2021 business plan with the authority issuing a series of regulatory approvals for the industry so far. Dubai Is now becoming a spot for a few free economic zones for crypto.

» 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

As recently reported, Changpeng Zhao, the CEO of Binance recently purchased a home in Dubai, calling the city pro-crypto but let’s think about it first before jumping to conclusions. Binance is trying to work with policymakers in Dubai and he has a goal to get his platform as compliant as it gets. Binance was working around regulators all across the world and it became the main crypto exchange that is left without physical headquarters in the world.