Binance CZ has given a clue that Dubai World Trade Centre (DWTC) will become a hub to incubate and regulate virtual assets and crypto in UAE.
He revealed the DWTC’s swift movement in the digital finance world in a tweet. Emphatically, DWTC will embrace and welcome a wide array of crypto products, operators, and exchange services in the country, according to CZ.
To foster huge strides of crypto services and innovations, the Dubai World Trade Centre will design a smooth and comprehensive ecosystem to achieve its crypto-goal in Dubai. Additionally, it will work with the private sectors in Dubai to create a serene crypto environment.
Moreover, Dubai World Trade Centre will do this by enforcing crypto standards for investor protection and Anti Money Laundering (AML). In doing this, the DWTC aims to fight against Financing of Terrorism (CFT) compliance and other existing fintech inequalities in the UAE.
Related: Why Binance pulled out of Singapore and the impact on Zilliqa
According to a separate announcement, DWTC will utilize this time judiciously to develop Dubai’s virtual assets landscape and its crypto market. It will do this by creating a suitable framework for innovative financial products and services like NFTs that are powered by blockchain.
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.
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