Another government-backed project in Dubai aims to create an attractive environment for the crypto industry.

The United Arab Emirates (UAE) continues to emerge as one of the world’s largest crypto-friendly jurisdictions as the Dubai government takes a new initiative to help develop and regulate the local cryptocurrency.

The Dubai World Trade Center (DWTC), a government exhibition and event center in Dubai, will become a regional and comprehensive regulator for cryptocurrencies, products and services. , Operators and exchanges, officially announced the DWTC on December 20th.

As part of the initiative, DWTC will design an inclusive ecosystem for this advanced sector in Dubai and work with the private sector to create a “comfortable environment for the sector”. The project also aims to enforce strict standards for investor protection, anti-money laundering, and counter-terrorism financing measures, according to the DWTC.

“The World Trade Center will provide and oversee a new world-class regulatory framework for law enforcement and the enforcement of virtual assets,” the statement said.

Cointelegraph has reached out to DWTC and will update the story pending new information.

Binance CEO Changpeng Zhao was one of the first in the crypto community to celebrate DWTC’s new announcement. Zhao seems increasingly interested in the UAE’s cryptocurrency ecosystem, as he reportedly bought his first home in Dubai in October.

»Dubai World Trade Center becomes a region and comprehensive regulatory authority for virtual and crypto assets https://t.co/Ndr6GDcJ4u

– CZ Binance (@cz_binance) December 20, 2021

Related: The UAE regulators approve cryptocurrency trading in the Dubai Free Zone

This initiative is in line with Dubai’s growing efforts to support the growth of cryptocurrencies as both Dubai and the UAE are actively working to ensure that the local economy benefits from blockchain technology as well as other technologies. Tokens and cryptocurrencies cannot be used.

In January, the Dubai Financial Services Authority planned to create a regulatory framework for cryptocurrencies as part of its 2021 business plan. The agency has so far issued numerous regulatory approvals to the crypto industry, while Dubai has become a hotspot for a number of free economic zones for cryptocurrencies.