The Dubai World Trade Centre Authority (DWTCA) has signed a pro-crypto agreement with the UAE’s Securities and Commodities Authority (SCA). This would allow crypto asset trading and associated financial operations within the DWTCA’s free zone.
According to the Dubai World Trade Centre, the Securities and Commodities Authority (SCA) will take charge of the regulatory oversight for the issue, trading, and listing of digital assets within Dubai. The SCA will additionally regulate financial operations that fall within the jurisdiction of the DWTCA’s.
The agreement also permits the SCA to inspect businesses operating within DWTCA’s free zone and putting up a mechanism for the DWTCA to grant required permissions and licenses, permitting formal operations of crypto asset-related financial activities.
Helal Saeed Almarri, the Director of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM), said that the agreement with the Securities and Commodities Authority will enable DWTCA to expand its regulatory, licensing, and services, and extend centralized crypto market oversight to their free zone. New technologies like NFTs are poised to play a key part in the future of commerce. Building on the Future Blockchain Summit, the DWTCA is looking for ways to provide a long-term home for this ecosystem to remain future-ready.
Dubai Authorities joining the long line of countries to support crypto
Governments are quickly recognizing the crypto industry’s scalability potential. While nations, including El Salvador, continue to adopt the Bitcoin Legal Tender despite public outcry, the Indian subcontinent is seeing government leaders show support for the crypto sphere.
Nirmala Sitharaman, India’s finance minister recently pointed out that the government’s cautious approach to crypto might be a mistake, and that they have to “make sure that the futuristic item can’t be blocked out.”