Dubai Develops Crypto Heaven In The Middle East, Guaranteed Investors Will Be Comfortable

DWTC will become a crypto haven in the Middle East. (photo: unsplash)

JAKARTA - The Dubai World Trade Center (DWTC) will become a crypto zone and regulator for cryptocurrencies and other virtual assets. In fact, the Dubai Media Office on Monday, December 20 called this project part of an effort to attract new business as regional economic competition heats up.

DWTC's move to create a dedicated zone for virtual assets - including digital assets, products, operators and exchanges - is part of an effort by Dubai, one of the seven emirates of the United Arab Emirates, to create a new economic sector, the Dubai Media Office said in a statement.

This zone is like a paradise for investors in crypto and other digital assets, because it will provide reinforcement and better security.

"Strong standards for investor protection, anti-money laundering, combating the financing of terrorism, compliance and tracking of cross-border transaction flows will be developed," he said.

In September, the UAE Securities and Commodities Authority and Dubai World Trade Center Authority (DWTCA) agreed on a framework that would allow DWTCA to approve and license financial activities related to crypto assets.

In October, another Dubai free zone DIFC, Dubai's state-owned financial free zone, and a major Middle East financial center, released the first part of the regulatory framework for digital tokens.