Dubai: The UAE’s Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered an agreement to support trading of crypto assets and related financial activities within DWTCA’s free zone. SCA will handle the regulatory oversight of the issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.
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. “Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralised supervision of the crypto market to our free zone,” said Helal Saeed Almarri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM).
“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, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future ready.”
Under the agreement, SCA will oversee, monitor, and inspect entities operating within DWTCA’s free zone.