The UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Center Authority (DWTCA) have agreed to facilitate digital asset trading and crypto-related financial transactions within the DWTCA free zone.
The agreement creates a framework for a new system where the DWTCA will grant permissions and licences for financial transactions and companies using cryptocurrencies. SCA will manage, monitor, and inspect firms within the DWTCA zone.
Regulated both on local and global levels, the DWTCA is well known for being a great ecosystem for enterprises and startups trying to enter global markets.
Acting chief executive officer of SCA, Dr. Maryam Al Suwaidi, stated:
“The SCA will be responsible for the regulatory supervision of offering, issuing, trading, and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control, and investigate the licensed entities that operate within the free zone.”
In the meantime, Helal Saeed Almarri, director-general of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing (DTCM), said:
“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies. Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licences, and services capabilities, in addition to extending the centralized supervision of the crypto market to our free zone.”
Finally, Almarri noted the importance of non-fungible tokens (NFTs) appearing on the crypto market. In his opinion, they will play a central role in the future of commerce.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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