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Financial regulators in the United Arab Emirates have agreed to officially allow and support the trading of cryptocurrencies in an economic-free zone in Dubai.
SCA will also oversee major crypto-related activities in Dubai
The Dubai World Trade Center Authority (DWTCA) announced on September 22 that it has signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone.
The new initiative establishes a framework that will enable the DWTCA to issue the necessary approvals and licenses for financial activities related to cryptocurrencies. Under the agreement, the SCA will also oversee key crypto-related activities such as issuance, listing, trading, and licensing processes.
Cryptocurrencies are a key component in the country’s plans to double its economy
According to the announcement, the agreement was signed by SCA Acting CEO Maryam Al Suwaidi, DWTCA Director General Helal Saeed Al Marri, and a senior executive at Dubai Department for Tourism and Commerce Marketing. The authorities had already reached a similar agreement in May to encourage the crypto industry development in the Dubai Airport Free Zone Authority.
In April, Minister of Economy Abdulla Bin Touq Al Marri said cryptocurrencies and asset tokenization would be crucial to its plans to double its economy within ten years. In response, local exchange Nasdaq Dubai launched a public Bitcoin (BTC) fund from Canadian digital asset fund manager 3iQ in June.
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