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Monday, August 15, 2022
Alternative Investments

DWTC to be transformed for exchange of cryptocurrencies

Dubai World Trade Center

The complex where various exhibitions and events take place would now have a regulatory ecosystem of the crypto world

Dubai (UAE) authorities have presented a new project, which consists of the use of the Dubai World Trade Center (DWTC) as an international center for the exchange of cryptocurrencies.

A new regulatory framework would be responsible for allowing and ‘controlling’ the flow of the crypto market in Dubai.

In recent announcements, the government of Dubai announced its intention to join the crypto world. The authorities have shown optimism regarding the implementation of regulations that allow the circulation of cryptocurrencies in their territory.

Although there was already some support for the sector before, these authorities intend to take their initiative to another level. They have clarified that they want to turn Dubai into a global scale cryptocurrency trading and exchange hub.

For this purpose, the idea of ​​transforming the DWTC into a favourable environment was presented. The complex where various exhibitions and events take place would now have a regulatory ecosystem of the crypto world.

It would seek to establish a regulatory framework that opens the doors for digital assets to attract more investment. In this scenario, both government authorities and the private sector will participate, creating the necessary conditions to obtain a ‘comprehensive ecosystem.’

On the other hand, in addition to promoting the crypto world, the authorities envision a system that is ‘safe’, while transactions are ‘protected.’ They emphasize legislation that supports operations, in order to ‘protect’ investors.

Considering the plan that has been drawn up for the Dubai World Trade Center, the authorities of the region are paying attention to several aspects. Among the details provided in relation to the new scenario, there is talk of ensuring the correct performance of the crypto market.

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