The Dubai Trade and Business Complex in the UAE will become a “comprehensive and regulatory zone” for digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies.
Dubai World Trade Centre (DWTC), a well-known business complex in the United Arab Emirates (UAE), on Monday announced a strategy to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the development of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry and its regulation at the local level.
According to a statement from the Dubai government, the business center will become ” in an integral and regulatory area”. of the digital asset ecosystem including cryptocurrencies, products and exchanges. The government, which categorized the digital currency space as ” progresista “in its communiqué, stressed that the initiative was part of the efforts to ” to create new economic sectors “.
The DWTC is a trade and business complex owned by the Dubai government that is an event and conference centre. It is composed of a tower, eight exhibition halls, the Dubai International Convention Centre and residential apartments.
A ‘sympathetic’ zone for cryptocurrencies
As part of the initiative, the DWTC will design a comprehensive ecosystem and collaborate with the private sector to establish an “ecosystem of excellence”. attractive environment for the sector “of cryptocurrencies. The project also aims to enforce rigorous standards for investor protection, anti-money laundering measures and combating the financing of terrorism, the DWTC said.
“ The World Trade Center will deliver and oversee a new world-class regulatory framework of legislative and enforcement policies”. of digital assets, the official statement said, adding further:
The announcement, which comes as part of efforts to further develop Dubai’s virtual assets and markets, includes the creation of a framework for innovative financial products, embracing new trends that are based on advanced Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. technology, such as non-fungible tokens (NFTs) and cryptocurrencies.
The framework proposed by the commercial complex “ will be instrumental in facilitating and expanding cross-border operations and ecosystem innovation to enable secure market an area or arena, online or offline, in which commercial dealings are conducted. adoption and growth of this sector in Dubai. “, the announcement added.
Dubai steps up as global crypto hub
The initiative aligns with efforts by the government of Dubai, and the UAE in general, to position itself as one of the largest cryptocurrency-friendly jurisdictions in the world.
Earlier this year, the Dubai Financial Services Authority announced that it planned to establish a regulatory framework for cryptocurrencies as part of its 2021 business plan. To date, this strategy has seen it roll out a series of regulatory approvals for the digital currency currency is a medium of exchange that defines value. industry, which includes crypto-free economic zones.
In September of this year, the DWTC authority signed an agreement with the Securities and Commodities Authority (SCA) of the UAE to officially allow and support cryptocurrency trading in a free economic zone in Dubai . At that time, as reported by DiarioBitcoin the interim executive director of SCA, Maryam Al Suwaidi, said that the new project was in line with the center’s commitment to expand its services as a free zone and support new technologies such as the tokens no fungibles (NFT).
The UAE’s efforts to become a cryptocurrency-friendly nation have made Dubai an attractive city for businesses and leaders in the crypto space. Last year,Ripple selected Dubai for the commercial headquarters of his company, and more recently the CEO de Binance , Changpeng Zhao, bought a house in that city.
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Article by Hannah Estefania Perez / DiarioBitcoin
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