UAE regulators sign agreement to support crypto trading

The United Arab Emirates’ Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered into an agreement supporting the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA’s free zone.

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. The agreement was signed by Maryam Al Suwaidi, acting chief executive officer of SCA, and Helal Saeed Almarri, director general of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM).

Al Suwaidi said in a statement: “The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

Helal Saeed Almarri said in a statement: “The Dubai World Trade Centre Authority is committed to expanding its services as a free zone of choice for 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. Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralized supervision of the crypto market to our free zone.”

The SCA and DWTCA will exchange best practices relating to the project, as well as delivering mutual technical support to enhance their understanding of both organizations’ financial systems. The partnership will also include the provision of professional services that specify the responsibilities and obligations of both parties.

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