UAE - Mubasher: The Dubai World Trade Centre (DWTC) has been transformed into a comprehensive zone and regulator for virtual assets and crypto, including digital assets, products, operators, and exchanges, the Dubai media office reported.
The DWTC will cooperate with the private sector and relevant entities in Dubai to develop a comprehensive ecosystem for this sector and set standards for investor protection, including anti-money laundering (AML) and combating the financing of terrorism (CFT) compliance.
The centre will also provide a new regulatory framework of virtual asset legislative and enforcement policies to facilitate and expand cross-border operations and innovation to enable safe market adoption for this sector.
This step is in line with the emirate's objective to enhance Dubai's virtual assets and markets by setting a framework for innovative financial products and adopting advanced blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.
