Financial regulators in the United Arab Emirates (UAE) reached an agreement to allow and officially support cryptocurrency trading in a free economic zone in Dubai.
United Arab Emirates regulators approve cryptocurrency trading in Dubai free zone
The Dubai World Trade Center Authority (DWTCA) announced yesterday that it has signed an agreement with the UAE Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone, which It is precisely the world trade zone, where large companies and transnational companies have offices.
The new initiative establishes a framework that allows the DWTCA to issue the necessary approvals and licenses for financial activities related to cryptocurrencies. As part of the agreement, the SCA will also oversee the main activities related to cryptocurrencies.
DWTCA has signed the agreement to expand its existing business licenses, services and incentives. In collaboration with DWTCA, SCA will be responsible for regulatory oversight of the issuance, offering, listing and trading of crypto assets, as well as the licensing of associated financial activities that fall under the jurisdiction of DWTCA.
According to the announcement, the agreement was signed by SCA Acting CEO Maryam Al Suwaidi, DWTCA CEO Helal Saeed Al Marri, and an executive from the Dubai Tourism and Commerce Marketing Department.
Al Suwaidi said that the new project is in line with DWTCA’s commitment to expand its services as a free zone and support new technologies such as non-fungible tokens (NFTs).
Read more:“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies,” he added.
Authorities previously signed a similar agreement to stimulate the development of the crypto industry at the Dubai Airport Free Zone Authority in May.