The UAE is a growing global hub of cryptocurrencies. It became the first country in the Middle East to launch its official NFT collection. UAE’s influence is not restricted to the Middle East alone. It is increasingly becoming a center of attention for the global cryptocurrency community. The latest news comes from The Dubai World Trade Centre (DWTC). In its latest announcement, the DWTC announced that it would be an all-encompassing space for global cryptocurrency regulations.
DWTC is government-owned and managed. Under this scheme, it will partner with private crypto and blockchain firms to create a global framework for crypto regulations. In the initial stages, it will primarily focus on anti-money laundering systems and preventing terrorism finance. In the future, it hopes to collaborate with global private firms to improve cryptocurrency regulatory measures.
Crypto entrepreneurs are excited and optimistic about this new development. CEO of Binance Chanpeng Zhao was the first person to celebrate the development on Twitter as he posted about the same. Other entrepreneurs soon began discussing the development of social media platforms.
Dubai has become a center of global attention in multiple sectors. The jurisdiction of Dubai is undoubtedly one of the most crypto-friendly jurisdictions in the world. Many overseas investors have shown interest in Dubai and its growing economic landscape. The authorities of Dubai believe that Dubai will continue to grow and soon be a global hub of a diverse set of sectors, including cryptocurrency and blockchain.