The Dubai World Commerce Centre (DWTC) will turn out to be a crypto zone and regulator for cryptocurrencies and different digital belongings, the Dubai Media Workplace mentioned on Monday, a part of efforts to draw new enterprise as regional financial competitors heats up.
The transfer by the DWTC to create a specialised zone for digital belongings – together with digital assets, merchandise, operators and exchanges — is a part of a drive by Dubai, one of many United Arab Emirates federation of seven emirates, to create new financial sectors, the assertion mentioned.
“Rigorous requirements for investor safety, anti-money laundering, combating the financing of terrorism, compliance and cross border deal stream tracing,” will probably be developed, it mentioned.
In September, the UAE Securities and Commodities Authority and the Dubai World Commerce Centre Authority (DWTCA) agreed a framework that permits the DWTCA to approve and licence monetary actions referring to cryptocurrency belongings.
In October, one other Dubai free zone DIFC, Dubai’s state-owned monetary free zone and the Center East’s main finance centre, launched the primary a part of a regulatory framework for digital tokens.