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Dubai World Trade Center to create new crypto-hub and become regulator

Dubai World Trade Center to create new crypto-hub and become regulator

Another government-backed project in Dubai aims to create an attractive environment for the crypto industry, the Cointelegraph reports.

The United Arab Emirates (UAE) continues to become one of the largest cryptocurrency jurisdictions in the world, as the Dubai government has launched a new initiative to support local cryptocurrency development and regulation. The Dubai World Trade Center (DWTC), a government-owned venue for events and exhibitions in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges. As part of this initiative, DWTC will develop a comprehensive ecosystem for this progressive sector in Dubai and collaborate with the private sector to create “an attractive environment for this sector”. The project also aims to introduce strict investor protection standards, anti-money laundering and counter-terrorist financing measures, the DWTC said. “The World Trade Center will create and oversee a new world-class regulatory framework for legislative and enforcement policies related to virtual assets” – said the statement.

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