The adoption and adoption of cryptocurrencies in the Arab region received a huge boost yesterday, September 22, after the Securities and Commodities Authority (SCA) – the financial regulator of the United Arab Emirates – and the Dubai World Trade Center Authority (DWTCA) signed an agreement to facilitate regulation, presentation and issuance and listing and trading of crypto assets and related financial activities within the Dubai World Trade Center Free Zone.
In an official announcement , the authorities stated that the agreement will create a framework for issuing the necessary approvals and licenses to conduct financial activities related to cryptocurrencies.
The Securities and Commodities Authority will take care of the regulatory requirements related to the issuance, listing and trading of cryptocurrencies within the jurisdiction of the Dubai World Trade Center Free Zone “DWTCA”.
According to the agreement, the UAE Securities and Commodities Authority will monitor and inspect crypto companies operating within the free zone.
The said agreement was signed by Maryam Al Suwaidi, Acting CEO of the Securities and Commodities Authority, and Helal Saeed Al Marri, Director General of the Dubai World Trade Center Authority (DWTCA).
The Securities and Commodities Authority will be responsible for the regulatory oversight of the offer, issuance, trading, listing and licensing of cryptocurrency related financial activities within the boundaries of the Dubai World Trade Center Free Zone.
Maryam Al-Suwaidi said:
The Securities and Commodities Authority will supervise, control and investigate licensed entities operating within the Free Zone.
Crypto in the United Arab Emirates:
In the past few months, the UAE crypto market has seen a huge jump in terms of adoption, with leading global blockchain companies and cryptocurrency management companies opening offices in the region.
In November 2020, Ripple chose Dubai as its regional headquarters.
The Dubai World Trade Center Authority is committed to expanding its services as a preferred free zone for international investment and entrepreneurship community.
As Dubai continues its quest for innovation and the digital economy, DWTCA looks to support businesses powered by blockchain and crypto technologies.
The agreement with the Securities and Commodities Authority will allow the DWTCA to expand its regulatory, licensing and service capabilities, as well as extend the central supervision of the crypto market to the free zone.