Investing.com – While some governments are rushing to ban cryptos as is the case in China, India or Russia and another is arming itself with hostile regulations. Others are taking the initiative to stand out with pro-crypto initiatives.
Indeed, some countries have quite the opposite like El Salvador which paved the way with the acceptance of the as a legal currency. The United Arab Emirates is another country looking to find a place in the crypto race. The nation has been looking for a while to position itself as a hub of innovation.
Dubai, a welcoming land for cryptos
Thus, the Dubai World Trade Center (DWTC) will become an area specializing in cryptocurrencies and other virtual assets, the Dubai Media Office said on Monday, as part of efforts to attract new businesses amid competition. regional economy is intensifying.
The DWTC’s decision to create a zone specializing in virtual assets – including digital assets, products, operators and exchanges – is part of a strategy deployed by the Emirate of Dubai, one of the seven emirates of the federation of the United Arab Emirates, to create new economic sectors, the statement said.
For this, the authorities are putting in place a regulatory framework to help the crypto industry to develop without sacrificing security. “Rigorous standards for the protection of investors, the fight against money laundering, the fight against the financing of terrorism, compliance and monitoring of cross-border transaction flows” will be developed, reports the authority.
A proactive approach at the level of local authorities
In September, financial regulators, the UAE Securities and Commodities Authority and the Dubai World Trade Center Authority (DWTCA) agreed on a framework for the DWTCA to approve and authorize financial activities related to crypto-assets.
In October, another free zone in Dubai, the DIFC, the public financial free zone of Dubai and the main financial center in the Middle East, released the first part of a regulatory framework for digital tokens.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.