Dubai that was once known for the 3Ts- Tourism, Trade, and Transport is now adding the 4th T- Technology.
Dubai World Trade Centre (DWTC) marks its expansion in the world of Crypto as an exchange platform and a regulator to virtual assets and cryptocurrencies including digital assets, products, operators, and exchanges. This move broadens the idea of the progression of UAE as the leading global center for business, trade, and technology.
Dubai World Trade Centre (DWTC) will become a comprehensive zone
As a part of the Government’s efforts to create new economic sectors, DTWC will be designing a comprehensive ecosystem for this progressive sector.
The emirate owned media house, on Monday, 20 December 2021, in a press release announced that DWTC will be collaborating with private sectors and relevant entities within the city to create an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing.
The government of Dubai media office has also announced their development about adopting new trends such as NFTs.
“The announcement that comes within the efforts to further develop Dubai virtual assets and markets, includes creating a framework for innovative financial products, adopting new trends that rely on advanced underlying blockchain technology, such as non-fungible token (NFT) and cryptocurrencies.”
According to the source, this progression advances Dubai’s stance as the leading global center for business, trade, and technology. DWTC will over a top-notch administrative structure of Virtual Asset legislative and enforcement policies that will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in the city.
Dubai and UAE on the whole are known for their welcoming attitude towards digital assets and blockchain technology this sort of rampant developmental advancement, Dubai is at the forefront of the UAE’s attempts to diversify the economy and reinvent itself as a global hub for tech and innovation.
