United Arab Emirates regulators sign a deal with Dubai authorities to support crypto trading
As the country’s digital economy grows, the UAE Securities and Commodities Authority authorized a landmark contract with the Dubai World Trade Centre Authority [DWTCA] to stimulate the trade of cryptocurrency assets in the free zone.
The DWTCA will be able to grant the necessary permissions and licenses to conduct crypto assets-related financial activity under the terms of the agreement. The plan will also enable Dubai to expand its current business licenses, services, and incentives. SCA, on the other hand, will be in charge of key crypto-related activities including issuance, listing, trading, and licensing.
The United Arab Emirates Embraces blockchain to Promote a Digital Economy
The agreement was reached in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, in order to improve collaboration and exchange knowledge and expertise with various government departments, authorities, and institutions in order to work together and achieve common objectives, according to Dr. Maryam Al Suwaidi, Acting CEO of SCA. In addition, the executive stated,
“Within the DWTCA free zone, the SCA will be in charge of regulating the offering, issuing, trading, and listing of crypto assets, as well as the licensing of financial activities associated with them. The SCA will also monitor, manage, and investigate licensed firms operating in the free zone.”
This isn’t the first time the two powerful UAE governments have teamed up. In May, the DWTCA and the SCA signed a similar deal to help the Dubai Airport Free Zone Authority build its crypto business.
Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing [DTCM], revealed that the latest move is in line with the Emirates Blockchain Strategy while admitting that the UAE has been at the forefront of blockchain research and implementation. Furthermore, in June of this year, the Bitcoin Fund was listed on the Nasdaq Dubai exchange, making it the first of its kind to trade in the region.
Al-Marri also addressed the growing interest in non-fungible tokens [NFTs], stating that such innovations will be critical in the future of commerce and that the DWTCA is looking at methods to give a long-term home for this ecosystem.
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