United Arab Emirates (UAE) regulators announced on the 22nd that they have agreed to permit and support cryptocurrencies trading in the Dubai Free Zone as part of its agreement with the Dubai World Trade Centre Authority (DWTCA).
UAE’s Securities and Commodities Authority (SCA) and DWTCA have jointly agreed to support the development of regulations, offering, issuance, listing, and trading of crypto assets and related financial activities within the area of the economic zone.
The UAE has long been positive about cryptocurrencies. In May of this year, it was revealed that the Dubai Airport Free Zone Authority (DAFZA) and SCA agreed to promote the cryptocurrency business in Dubai’s special economic zone.
DWTCA’s Free Zone provides an ideal environment for start-ups and SMEs to operate locally while taking advantage of the international market.
On the other hand, the SCA is also trying to create an environment for sustainable investment opportunities while regulating and supervising the UAE’s financial markets.
Chief Executive of SCA, Dr. Maryam Al Suwaidi, told local media:
“The agreement comes in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, to enhance cooperation and exchange knowledge and expertise with various government departments, authorities, and institutions to work collaboratively and achieve common goals.”
In a press release issued by the authority, Suwaidi noted:
“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.”