The United Arab Emirates (UAE) continues to be one of the largest cryptocurrency-friendly jurisdictions in the world, as the Dubai government launched a new initiative to support the development and regulation of local cryptocurrencies.

The Dubai World Trade Center (DWTC) is an event and exhibition venue owned by the Dubai government. It will become a comprehensive area and regulatory agency for cryptocurrencies, products, operators and exchanges. DWTC has officially become Announce December 20.

As part of this plan, DWTC will design an integrated ecosystem for this progressive industry in Dubai and work with the private sector to create an “attractive environment” for the industry. DWTC stated that the project also aims to implement strict investor protections, anti-money laundering measures and standards for combating the financing of terrorism.

“The World Trade Center will provide and oversee a new world-class virtual asset legislation and enforcement policy regulatory framework,” the statement read.

Cointelegraph contacted DWTC and will update the story, waiting for new information.

Binance CEO Changpeng Zhao He is one of the first people in the crypto community to celebrate the new announcement of DWTC.According to reports, Zhao is clearly becoming more and more interested in the crypto ecosystem in the UAE Buy His first home in Dubai in October.

»Dubai World Trade Center will become a comprehensive area and regulatory agency for virtual assets and cryptocurrencies https://t.co/Ndr6GDcJ4u

-CZ Binance (@cz_binance) December 20, 2021

related: UAE regulator approves crypto transactions in Dubai Free Zone

This initiative is in line with Dubai’s increasing efforts to support the development of cryptocurrencies, as Dubai and the UAE have been actively working on the local economy to benefit from it Blockchain technology and irreplaceable tokens And cryptocurrency.

In January, the Dubai Financial Services Authority plans to Establish an encryption regulatory framework As part of its 2021 business plan.The authorities have issued A series of regulatory approvals For the cryptocurrency industry so far, Dubai has become Several free economic zones For encryption.