- The Dubai World Trade Center Authority (DWTCA) is planning to regulate cryptocurrency in the UAE.
- DWTC has partnered with crypto exchange Binance for the success of the endeavor.
- Dubai seeks to register 1,000 crypto-based businesses by 2022.
The Dubai World Trade Center Authority (DWTCA) recently announced its plans to regulate cryptocurrency in the UAE. Specifically, the commercial center in the heart of Dubai is aiming to become a comprehensive zone and regulator for crypto.
Included in the regulation are crypto exchanges, crypto-based products, and other related businesses. Also, to ensure the success of the endeavor, DWTC is partnering with the private sector in Dubai. In fact, sources state that DWTC has signed a partnership with crypto exchange Binance.
According to a press release announcement, this move is to ensure that businesses will adhere to anti-money laundering (AML) and counter-terrorist financing (CTF). The commerce center also aims to track cross-border transactions within its jurisdiction.
The press release added:
“The step continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology, the World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies, will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai.”
In another news, Dubai earlier revealed that there are more than 400 crypto-related businesses operating within the emirate. Moreover, Dubai expects to register 1,000 crypto businesses by 2022.
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