The UAE continues to emerge as one of the world’s largest cryptocurrency-friendly jurisdictions as the government of Dubai has a new plan to support local crypto development and regulation.
The Dubai World Trade Centre which is a government-owned event and exhibition venue in Dubai will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges.
As part of the initiative, the DWTC will design a comprehensive ecosystem for this progressive sector within Dubai and collaborate with the private sector to set up an attractive environment for the sector. The project also seeks to impose rough standards for investor protection, Anti-Money Laundering measures and combating the financing of terrorism.
Binance CEO Changpeng Zhao was among the first people in the crypto community to celebrate the new announcement . He has apparently been growing his interest in the crypto ecosystem in the UAE as has reportedly bought his first home in Dubai.
