Digital Assets: UAE Greenlights Crypto Trading In Dubai World Trade Centre Free Zone

September 23, 2021 | Digital Assets, News

The Dubai World Trade Centre Authority (DWTCA) is now authorized to approve and license crypto assets activities.

On Wednesday, the Dubai World Trade Centre Authority (DWTCA) announced it had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) for the regulation, offering, issuance, listing and trading of crypto assets and related financial activities within DWTCA’s free zone. While the SCA is a regulatory body with oversight of the UAE’s financial markets, the DWTCA is an economic free zone. (The National)

By virtue of the agreement, the DWTCA is authorized to issue the necessary approvals and licenses for the conduct of crypto-related financial activities in the free zone.

However, the SCA will have 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. It also has the powers to oversee, monitor and inspect entities functioning in the DWTCA free zone.

Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing said: “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.”

Digital economy and the DWTCA

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

NFTs and blockchain

“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 further stated. “The UAE has been at the forefront of blockchain research and implementation and our ambition is in line with the Emirates Blockchain Strategy”, he concluded.

Related Story: The UAE Gets YAP, Its First Digital Banking Platform

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