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Dubai World Trade center to regulate virtual, encrypted assets

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The Dubai World Trade Center will regulate virtual and encrypted assets, products, digital exchanges, and operators in Dubai, United Arab Emirates, the official Dubai Media Office (DMO) announced Monday.

This comes within “the new economic directions of the Dubai government in creating future economic sectors,” the media office said.

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“The Dubai World Trade Center will be converted into an integrated area that supports the regulation and control of virtual and encrypted assets, their products, digital exchanges and operators in the Emirate of Dubai,” DMO announced in a press release.

The press release added that this step reflects Dubai’s “continuous endeavor to adopt new trends in various economic and financial sectors and to attract talents and promising professionals.”

The Dubai World Trade Center will work with the private sector and relevant authorities to build a model legislative and supervisory system for digital assets, formulate strict anti-money laundering standards and track cross-border transactions to provide and build a governance system and a safe business environment for companies, individuals and investors in the field of virtual and encrypted assets in cooperation with all authorities in Dubai.

The media office said an integrated legislative framework will be developed for digital asset products such as Crypto, non-fungible tokens (NFTs) and other future products that support building an integrated and secure business environment for virtual and encrypted assets in Dubai.

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