The move by the DWTC to create a specialised zone for virtual assets is part of a drive by Dubai, one of the United Arab Emirates federation of seven emirates, to create new economic sectors.
In September 2021, 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 crypto assets.
In October 2021, another Dubai free zone DIFC, Dubai's state-owned financial free zone and the Middle East's finance centre, released the first part of a regulatory framework for digital tokens.
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