UAE regulators agree on crypto trading
Regulators in the United Arabs Emirate (UAE) have approved the trading of cryptocurrencies in the free economic zone of Dubai. This latest development is expected to make crypto payments popular within the free economic zone.
While announcing this via a blog post a few hours ago, The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) agreed to support this latest regulation.
The post said, "The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered into an agreement supporting the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA's free zone. The agreement establishes a framework that allows DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to crypto assets."
This latest development establishment a framework that allows the DWTCA to issue necessary approvals and licenses to financial entities interested in dealing with cryptocurrencies. On the other hand, the SCA will supervise various crypto-related activities like issuance, listing, trading and licensing processes.
The agreement was signed by DWTCA director-general Helal Saeed Al Marri, SCA's acting CEO Maryam Al Suwaidi and an executive at the Dubai Department of Tourism and Commerce Marketing.
Dr. Al Suwaidi said, "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."
She added that The SCA would be tasked with 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.
Earlier this year, Minister of Economy Abdulla Bin Touq Al Marri pointed out that cryptocurrencies and asset tokenization will be crucial to the UAE's plan to double its economy over the next decade.