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Dubai World Trade Center to Support Crypto & Virtual Assets

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00


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As the world has its own different stands on the emergence of the new blockchain based technology, the Dubai World Trade Center has announced that it will have an integrated space for supporting virtual assets.

The announcement made by the Dubai World Trade Center, mentioned about regulation and control of virtual and cryptocurrency assets, their products, exchanges and operators in Dubai. This major announcement has reflected upon the Dubai Government’s constant endeavor to adopt new trends in the “Fintech” sectors that will attract newer investments and promising professionals.

The Dubai World Trade Center will take inputs from the private sector and relevant authorities regarding this matter and come up with a supervisory system for these digital assets. The consultants will also ensure strict anti-money laundering measures and track cross-border transactions.

As a result of these measures, safe business environment will be ensured to the companies, individuals and investors under the economic system.

An integrated legislative framework will also be developed according to the announcement. Digital assets like cryptocurrency, non-fungible tokens (NFT) and other new products of the blockchain technology will be consolidated.