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Crypto ecosystem has shown its true potential after garnering mainstream attention since the beginning of this year. Following the potential of the industry several nations are planning to embrace the digital assets and establish their cryptocurrency hub. Simultaneously, Dubai has recently unveiled its plans to set-up an attractive environment for the cryptocurrency industry. Notably, the cryptocurrency hub would be entirely backed by the government of the United Arab Emirates (UAE).
UAE emerges as world’s biggest crypto-friendly jurisdiction
The Dubai government continues to emerge as one of the world’s biggest crypto friendly jurisdictions. Notably, the government of the city has a new initiative to support local crypto development and regulations. Moreover,According to an official announcement by the Dubai World Trade Centre (DWTC), a government-owned event and exhibition venue in the city, it will become a comprehensive zone and regulator of crypto assets, products, operators and exchanges.
Part of the initiative, the DWTC will design a comprehensive ecosystem for the rapidly growing crypto ecosystem within the nation and collaborate with the private sector to set up an attractive environment for the sector.
Dubai will bring digital currency regulation
The cryptocurrency project aims to enforce rigorous standards for investor protection, Anti-Money Laundering (AML) measures and combating the financing of terrorism. According to the DWTC, The World Trade Center will drive and oversee a new world-class regulatory infrastructure of cryptocurrencies legislative and enforcement policies.
Crypto community celebrates Dubai’s announcement
As Dubai unveiled its plans related to digital assets, Changpeng Zhao, the CEO of Binance was among the first individuals that has apparently been growing to celebrate such moves. Notably, Zhao has been putting its efforts to grow interest in the crypto ecosystem in Dubai, since he bought his first home in the nation.
However, such initiatives by Dubai’s growing efforts supports the crypto development as both Dubai and the UAE have been working for the local economy to benefit from the potential blockchain technology. And the government focuses on to benefit the local economy with the potentials of blockchain, Non-Fungible Tokens (NFTs) and crypto assets.
Dubai Financial Services Authority had plans to set up a regulatory framework as part of its 2021 business plan. Following the goals, the authority also issued a series of regulatory approvals for the crypto industry so far which has become a spot for several free economic zones for digital currencies.
