Dubai World Trade Center to Establish New Global Crypto Hub and Become Regulator

The UAE has emerged as one of the largest cryptocurrency-friendly countries in the world, and the government of Dubai has launched a new initiative to promote the development and regulation of local cryptocurrencies.

The Dubai World Trade Center (DWTC) is an event and venue of the Dubai government that will become a regional organization and governing body for cryptocurrencies, commodities, and employees and exchanges, the DWTC announced on Monday.

As part of this initiative, DWTC will create a joint venture for the Dubai crypto industry and work with the private sector to create an "attractive business environment". Another objective of the project is to implement strict measures against corruption, money laundering and money laundering. DWTC says:

"The World Trade Organization will provide and oversee the new global governance process for heritage and regulatory rights."

Binance CEO Changpeng Zhao was one of the first people in the cryptocurrency community to celebrate the new DWTC announcement. Changpeng Zhao saw more and more speculation about the UAE's cryptocurrency ecosystem and said he would buy his first home in Dubai in October.

“The Dubai World Trade Center will become the incumbent operator and regulator of virtual assets and cryptocurrencies.”

- CZ Binance (@cz_binance) 20 July 2021

This move is further reinforced by Dubai's efforts to promote cryptocurrency development, as Dubai and the United Arab Emirates have worked hard to ensure that their local markets can benefit from the resilience of blockchain and unlike tokens and coins. cryptocurrencies.

In January of this year, the Dubai Financial Corporation planned to introduce cryptocurrency regulation as part of its 2021 business plan. Leaves regulatory approval for the cryptocurrency market, and Dubai became the site from several free cryptocurrency sites.