The Dubai World Trade Centre will become a regulator and center of the global digital asset ecosystem.
The Dubai government published a press release announcing the beginning of the formation of a crypto ecosystem. The Dubai World Trade Centre (DWTC) will be the crucial point of the system. The center will also get the function to regulate cryptocurrency companies.
The initiative aims to create an “attractive environment” for private businesses related to digital assets. The regulator will ensure the interests of investors, tackle money laundering and the financing of terrorism, as well as track cross-border transactions.
The initiative is part of a program to develop new and progressive sectors of Dubai’s economy, one of which is the cryptocurrency market. Earlier, plans to invest in the crypto ecosystem were voiced by an Abu Dhabi sovereign fund representative, whose assets exceed $243 billion.