The United Arab Emirates (UAE) continues to grow as one of the biggest crypto-friendly jurisdictions as the government has a new program to support local crypto development.
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The Dubai World Trade Centre (DWTC), a government-organized event and exhibition venue in Dubai, will become a zone and regulator of cryptocurrencies and exchanges.
As part of the program, the DWTC will create a comprehensive climate for this progressive industry in Dubai and collaborate with the private sector to create an attractive environment for the sector.
DWTC stated that the initiative also seeks to enforce comprehensive standards for protecting investors, Anti-Money Laundering initiatives, and dealing with the financing of terrorism.
The program aligns with Dubai’s emerging efforts to support the development of crypto as both Dubai and the UAE have focused on using blockchain technology and cryptos to benefit the local economy.