Financial regulators in the United Arab Emirates will officially start permitting crypto trading in an economic-free zone in Dubai. This new development sprang up after the Dubai World Trade Center Authority (DWTCA) reached an agreement with the UAE’s Securities and Commodities Authority (SCA). The DWTCA made the announcement on Wednesday to support crypto regulation and trading within the DWTCA free zone.
Pursuant to the agreement, the DWTCA will issue requisite approvals and licenses for crypto-related financial activities. Furthermore, the SCA will also have major activities linked to crypto. These include issuance, listing, trading, and licensing processes. Signees to the aforementioned included SCA acting CEO Maryam Al Suwaidi, DWTCA director-general Helal Saeed Al Marri, and an executive at the Dubai Department of Tourism and Commerce Marketing.
Al Suwaidi commended the new initiative as being in line with DWTCA’s commercial and crypto-related commitments. These include the expansion of its services as a free zone and the support of new technologies, including non-fungible tokens. In the SCA’s acting CEO’s own words:
“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies.”
Both the SCA and DWTCA previously entered a similar pact back in May. The agreement was to foster the development of the crypto industry in the Dubai Airport Free Zone. This, along with the latest agreement, underscores the Arab region’s commitment to becoming a crypto-friendly global hub.
Image Credits: Pixabay
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