The Dubai authorities have announced that the government business complex Dubai World Trade Center is to become a cryptocurrency market regulator. The main goal of this enterprise is to promote investing in digital assets.
Dubai, a city located in the middle of a desert, has hinted at its pro-bitcoin tendencies before. Since September 2021, cryptocurrency trading is completely legal there. Sheikhs aren’t hiding their interest in projects based on the blockchain technology. Which makes it no wonder that the Dubai World Trade Center – a giant business complex – is to become a cryptocurrency friendly zone and address the needs and expectations of participants of this market.
Cryptocurrencies are growing stronger
Cryptocurrencies are gradually stopping being a marginal phenomenon. They are moving more and more into the mainstream, gaining huge interest from the media, politicians, decision makers, as well as “regular citizens”. Although the Opinions of experts are divided on the matter, there’s a growing number of premises indicating that digital assets will only keep getting stronger and one day may become a serious competition for the traditional money.
In different countries around the world, a growing number of initiatives are being made related to popularizing the knowledge on bitcoin and other cryptocurrencies, which contributes significantly to an increase in social awareness of them. There’s a growing number of influential people recommending investments on this market, representatives of renowned companies are creating different facilities for cryptocurrency users, and the blockchain technology is finding different types of uses, like in the art trading sector for example.
Making Dubai World Trade Center a regulator of digital assets is another milestone in development of decentralized payment systems.
Dubai World Trade Center as a regulator
Dubai is one of the most cryptocurrency friendly cities in the world. Assigning DWTC the function of a regulator is meant to improve the functioning of the market, protect the interests of investors and encourage as many people as possible to buy cryptocurrencies. The authorities are planning to start a cooperation with the private sector and with other entities.
Thanks to the planned regulations, cryptocurrencies will become a safe, freely available payment method. Implementation of rigorous standards for investor protection, prevention of money laundering and battling terrorism financing will cause the sector of digital assets to become an even more attractive environment for a bigger number of users.
Dubai favorable to new technologies
For a long time now, Dubai has been investing in new technologies, being aware that the economic future of the region should not rely just on profits from selling oil. The authorities’ support for digital assets is a consistent part of the existing politics, based on different technological innovations. Let us remind that it was Dubai where rainmaking drones were first used, which were mentioned in newspapers and web portals all around the world.
In the nearest future, on top of making DWTC the official regulator for cryptocurrencies in the country, sheikhs will also think about the possible uses for non-fungible tokens (NFT) on the domestic markets.