The UAE’s financial regulators are expected to allow and support crypto trading in a free economic zone in Dubai.
According to UAE News, the Securities and Commodities Authority and the Dubai World Trade Center Authority have signed an agreement to support the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within the framework of the free movement of the DWTCA.
The Agreement was signed by the Acting Executive Director of SCA, Dr Maryam Al Suwaidi. And Executive Director of DWTCA and Dubai Department of Tourism and Marketing, Helal Saeed Al Marri.
Commenting on the agreement, Al Suwaidi said. “The agreement follows the directive of Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the SCA Board of Directors. It is meant to strengthen cooperation and exchange of ideas. knowledge and expertise with various ministries, governments and agencies. work cooperatively and achieve common goals.
“The SCA will be responsible for regulatory oversight of the offering, issuance, trading and listing of crypto assets. And also for licensing related financial activities within the confines of the DWTCA free zone. The SCA will also monitor, control and investigate authorized entities operating in the free zone.
Also speaking about the agreement, Al Marri said. “The Dubai World Trade Center Authority is committed to expanding its services as a free selection area for the international business and investment community.
“As Dubai continues its journey towards a digital economy and innovation. DWTCA seeks to support businesses based on blockchain technology and cryptocurrencies.
“Our agreement with the Securities and Commodities Authority will allow the DWTCA to expand its regulatory, licensing and service capabilities, in addition to extending centralized supervision of the cryptocurrency market to the free zone of the United States.
He added that 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 hybrid, DWTCA is a means of providing a sustainable home for the new ecosystem, and is always ready for the future.