United Arab Emirates sign agreement supporting crypto trading

Agreement establishes a framework that allows Dubai World Trade Centre Authority to issue necessary approvals and licenses in crypto activities

The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) announced this Wednesday (September 22) a new agreement to support cryptocurrencies’ activities in an economic free zone settled in Dubai. 

According to the announcement, the agreement was signed by Dr. Maryam Al Suwaidi, acting CEO of SCA and Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM). 

The report released to the press stated that the agreement will “establish a framework that allows DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to crypto assets”.

In addition, the SCA will work in collaboration with the DWTCA to deal with regulations regarding issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.

Helal Saeed Al Marri reinforced The Dubai World Trade Centre Authority’s compromise to expand its services as a free zone to the international investment and entrepreneurial community:

“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies”

-Al Marri, Director-General of DWTCA 

Al Marri even mentioned NFTs as a future of consumption, stating that the Dubai World Trade Center Authority should be a part of this new wave, especially considering that the UAE has been at the forefront of blockchain research and implementation, and confirming that their ambition is in line with the Emirates Blockchain Strategy.

“With the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, our globally recognised event in this sector, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future ready”

-Al Marri, Director-General of DWTCA 

In order to keep up with each other’s financial systems, both the SCA and DWTCA will be exchanging best practices relating to the project, and the partnership also includes provision of professional services that specify responsibilities and obligations of both parties.

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