The United Arab Emirates (UAE) is making strides in securing a spot in top crypto-friendly jurisdictions across the globe, following an initiative from the Dubai authority to back local crypto development and regulation.

Specifically, The Dubai World Trade Centre (DWTC) –  a Dubai-based, government-owned event and exhibition location – is reportedly going to be renovated into a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, per official announcements issued by the DWTC. 

As included within the scope of the project, the DWTC will reportedly come up with a comprehensive ecosystem dedicated to this progressive sector within Dubai, as well as working together with the private sector to establish an “attractive environment for the sector.” 

The initiative has a further goal of enforcing dilligent standards for investor protection, Anti-Money Laundering measures and fighting against the financing of terrorism, the DWTC stated.

“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies”. The announcement read. 

Head of Binance Changpeng “CZ” Zhao was reportedly among the earliest individuals in the crypto sphere to send congratulations to the initiative from the DWTC. 

Zhao seems to have his eyes set on new opportunities in Dubai, with the decision to purchase a house in the area back in October. 

“Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u — CZ Binance (@cz_binance) December 20, 2021”.

The initiative reportedly surfaced during the time Dubai is reportedly putting in increasing support for the crypto development as both Dubai and the UAE have been working for the local economy to take advantage of blockchain, together with nonfungible tokens and cryptocurrencies.