On Monday, the Dubai Media Office said that the Dubai World Trade Centre (DWTC) will become a crypto zone and regulator for other virtual assets and cryptos. It is a part of the efforts to lure new business as regional economic competition rises.

According to the statement, DWTC’s stance to develop a specialized zone for virtual assets – including digital products, assets, exchanges and operators – is a part of a drive by Dubai, one of the UAE federation of 7 emirates, to develop new economic sectors.

The statement further said that the strict norms for anti-money laundering, investor protection, fighting the financing of terrorism, cross-border deal flow tracing and compliance will be created.

The Dubai World Trade Centre Authority (DWTCA) and the UAE Securities and Commodities Authority agreed to a system that enables the DWTCA to license and approve financial activities associated with the crypto assets in September.