Dubai World Trade Centre has announced that it would become a hub and a regulator of cryptocurrencies, service providers, and exchanges.
DWTC would create a comprehensive ecosystem for the cryptocurrency sector in collaboration with private entities to enable a thriving market.
The initiative also seeks to implement regulations that curb anti-money laundering and financial terrorism vices.
The new move comes as Dubai ramps up efforts to nurture the growth of cryptocurrencies in the UAE to benefit from blockchain technology.
Binance CEO, Changpeng Zhao, lauds the new move by DWTC. The executive reportedly purchased a home in Dubai in October.
The regulatory agencies in Dubai have issued multiple approvals for the sector so far. The Dubai Financial Service Authority unveiled new policy plans in the crypto sector at the start of the year.
Dubai World Trade Centre is an event and exhibition place owned by the government in the UAE City.
Source: Government of Dubai