The UAE continues to rise as one of the most crypto-friendly jurisdictions in the world. Now the government of Dubai has a new initiative to support local development and regulation in the sector.

The Dubai World Trade Center (DWTC), a government-owned event and exhibition venue in Dubai, will become a comprehensive zone focused on the regulation of cryptocurrencies, products, operators and exchanges, the DWTC officially announced on Monday.

As part of the initiative, DWTC will develop a comprehensive ecosystem for this progressive sector in Dubai and collaborate with the private sector to create an “attractive environment for crypto”.

The plan is also aimed at enforcing stringent standards of investor protection, anti-money laundering and anti-terrorist financing measures, the DWTC said.

Changpeng Zhao, Binance's CEO, was one of the first people in the cryptocurrency community to celebrate the new DWTC announcement. Shortly thereafter, Binance announced that it had signed a Memorandum of Understanding (MoU) with the Dubai World Trade Center Authority (DWTCA) with the aim of establishing an industrial center in Dubai.

The initiative is in line with Dubai's growing efforts to support crypto development, as Dubai and the UAE have been working for the local economy to benefit from blockchain technology as well as non-fungible tokens and cryptocurrencies.