The Dubai World Trade Centre (DWTC) has announced plans to develop a “comprehensive ecosystem” for virtual assets.
The free trade zone will look to become a regulator as well as a hub for the new asset class which will include crypto and digital assets, products, operators and exchanges.
The move follows an announcement in September that the Securities and Commodities Authority and the DWTC had agreed rules to support any crypto and digital assets activity within the zone.
The DWTC has also signed a memorandum of understanding with crypto exchange Binance to help develop the hub.
Not only is Dubai competing with other markets in the Mena region, there is also competition between the various economic trade zones within Dubai.
In May 2020, the Dubai Multi Commodities Centre (DMCC) launched the DMCC Crypto Centre, following in the wake of the Dubai Airport Freezone Authority which was granted regulatory approval to trade crypto assets earlier this year.
©2022 funds global mena