The World Trade Centre in Dubai is re-branding itself as an “innovation and technology hub” by 2020. The building will house a crypto exchange, blockchain incubator, and digital asset management company among others.
Dubai World Trade Centre is becoming a crypto hub, will rollout a new “world-class regulatory framework” in the coming weeks. The dwtc news will be updated as soon as the new rules are released.
The Dubai World Trade Centre (DWTC) will soon become a complete zone and regulator for crypto, encompassing cryptocurrencies, crypto-related items, operators, and exchanges, according to Dubai officials.
The government-owned event and exposition site in Dubai will be transformed into a crypto hub as part of the new plan, which aims to boost local growth and acceptance.
Taking use of a diverse ecology
The release said, “The Dubai World Trade Centre will be developing a full ecosystem for this advanced industry inside Dubai.”
According to the release, the program would entail the creation of a framework for innovative financial products, linking it with efforts to promote new trends that “rely on sophisticated underlying blockchain technology, such as non-fungible tokens (NFT) and cryptocurrencies.”
In order to promote Dubai’s progress as a business, commerce, and technology leader, the new crypto zone will be built in conjunction with the private sector and key institutions in Dubai.
The release continued, “The World Trade Center will deliver and monitor a new world-class regulatory framework of Virtual Asset legislation and enforcement regulations.”
A new world-class regulatory framework has been established.
According to the release, the DWTC would play a key role in building a favorable climate for the industry while implementing strict investor protection requirements, including as anti-money laundering (AML), counter-terrorist financing (CFT) compliance, and cross-border transaction flow tracking.
The implementation of the new legal framework is anticipated to “promote and extend cross-border operations and ecosystem innovation,” as well as “safe market acceptance and development for this industry in Dubai.”
Changpeng Zhao, the CEO of Binance, announced the news to his Twitter followers.
« Dubai World Trade Centre to Become Virtual Assets and Cryptocurrency Comprehensive Zone and Regulator https://t.co/Ndr6GDcJ4u
December 20, 2021 — CZ Binance (@cz binance)
Bloomberg reported last week that Binance had negotiations with UAE officials about establishing the company’s global headquarters in Abu Dhabi or Dubai, citing individuals with firsthand knowledge of the topic.
Zhao was seen attending a meeting with officials in Dubai in October, which sparked rumors.
In DuBai, Binance conducted a meeting. Due to the difficulties of obtaining a work visa in Singapore, many exchanges, including huobi, started to move to DuBai. https://t.co/AyehNkNiix
October 11, 2021 — Wu Blockchain (@WuBlockchain)
Around the same time, the CEO of the world’s biggest cryptocurrency exchange bought his first home in Dubai, which he described as “quite advanced.”
“I purchased an apartment there to indicate that we are devoted to the area,” Zhao said.
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Dubai is going to be the world’s first city with a “world-class regulatory framework” for cryptocurrency. The new rules are set to rollout in September of this year. Reference: dubai crypto news.
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