Dubai World Trade Centre unveils crypto zone

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Last Update: September 21, 2022

2 mins read

The Dubai World Trade Centre (DWTC) is planning to transform itself into both a crypto zone and a regulator for crypto and other digital assets.

The news was confirmed by the Dubai Media Office on Monday and is part of the city’s ongoing efforts to expand into new industries and reduce its dependence on oil.

Thanks to DWTC’s decision, crypto investors, exchanges, businesses, and creators will enjoy a welcoming business environment in which they can set up shop.

While the set-up process promises to be easy, the DWTC will conduct rigorous AML checks, have tight anti-terrorism financing rules, and ensure compliance with active regulatory statures across the board. Investor protection will be a foremost objective as well.

The latest announcement builds up on previous news from the Dubai World Trade Centre Authority (DWTCA) from September when a preliminary framework for approving and licensing financial activities pertaining to crypto was discussed and signed.

Following on from then, the Dubai free zone (DIFC) released additional parts of its regulatory framework outlining digital tokens.

The statement by DWTC said: “The World Trade Centre will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies.”

Binance CEO Changpeng Zhao was one of the first crypto personalities to comment on the announcement by the DWTC. He hurried to share the news on Twitter, which is perhaps unsurprising given he has recently invested in the region and the United Arab Emirates, where he bought property earlier this year.

Dubai wants to see the local economy benefit from both the blockchain industry as well as cryptocurrencies.

While Dubai is working on its future crypto regulation, you are welcome to explore the latest crypto gaming options, including options such as 1xBit, Bitcasino, and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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