The UAE Securities and Commodities Authority has signed an agreement with the Dubai World Trade Center to support crypto-asset trading in the free zone.
According to the Khaleej Times publication, the Dubai World Trade Center (DWTCA) said it will support the regulation, offering, issuing, listing and trading of cryptoassets and related financial activities in its free zone as part of its drive for innovation and the digital economy.
The announcement follows an agreement signed by the United Arab Emirates Securities and Exchange Commission (SCA) and DWTCA. In accordance with the agreement, SCA will implement supervision, monitoring and inspection of organizations operating in the DWTCA free zone. In May, the Dubai Airport Free Zone Authority signed a similar agreement with SCA.
“The agreement establishes a structure that allows DWTCA to issue the necessary permits and licenses to conduct financial activities related to cryptoassets,” according to the statement.
The agreement was signed by SCA Director Maryam Al Suwaidi and DWTCA CEO Helal Saeed Almarri.
“DWTCA signed an agreement to expand existing business licenses, services and benefits. In cooperation with DWTCA, SCA will conduct regulatory oversight of the issuance, offering, listing and trading of cryptoassets, as well as the licensing of related financial activities that fall under the DWTCA jurisdiction, ”the organizations say.
Countries and regions of the Middle East are actively supporting blockchain and cryptocurrencies. In the spring, the Dubai Multidisciplinary Commodity Center (DMCC) signed a contract to build a precious metals processing plant that will be tracked on blockchain. Last October, the world’s largest sugar factory Al Khaleej Sugar, located in the UAE, announced the launch of the blockchain-based digitalSugar.io sugar trading platform.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
