The move by the DWTC to create a
specialised zone for virtual assets - including digital assets, products,
operators and exchanges — is part of a drive by Dubai, one of the United Arab
Emirates federation of seven emirates, to create new economic sectors, the
statement said.
"Rigorous standards for investor
protection, anti-money laundering, combating the financing of terrorism,
compliance and cross border deal flow tracing," will be developed, it
said.
In September, the UAE Securities and
Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) agreed
a framework that allows the DWTCA to approve and licence financial activities
relating to cryptocurrency assets.
In October, another Dubai free zone DIFC,
Dubai's state-owned financial free zone and the Middle East's major finance
centre, released the first part of a regulatory framework for digital tokens.