The Securities and Commodities Authority(SCA) and the Dubai World Trade Centre Authority (DWTCA) have signed a pact to support crypto trading in Dubai’s free zone.
SCA’s acting CEO Maryam Al Suwaidi, DWTCA’s director-general Helal Saeed Al Marri, and a representative of the Dubai Department of Tourism and Commerce Marketing signed the pact.
According to the official press release, the agreement establishes a framework that permits the DWTCA to issue licenses for all financial activities relating to cryptocurrency.
The SCA will primarily supervise, monitor and assess the entities licensed by the DWTCA to operate in the free trade zone. And also carry out other regulatory oversight functions relating to the issuance, offering, listing, and trading of digital assets.
Crypto trading in Dubai’s free zone could stimulate more economic growth
The decision to approve crypto trading in Dubai’s free-trade zone aligns perfectly with the region’s goal of achieving an innovative and digital-led economy.
“The UAE has been at the forefront of blockchain research and implementation and our ambition is in line with the Emirates Blockchain Strategy”, DWTCA’s Director-General Helal Saeed Al Marri said.
“With the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, our globally recognised event in this sector, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future ready,” he added.
Without a shade of doubt, this pact would help the United Arab Emirates attract crypto enthusiasts into the country and boost its ranking on the crypto adoption chart. And if sustained, we could see a UAE become a crypto and blockchain hub in the coming years.