Regulators of Dubai are moving towards the crypto adoption by imposing a regulatory framework on the crypto market in the Dubai free zone.
As we know there are few selected financial institutions which can do trading under the lastest approval by the regulators of UAE, but it seems that crypto trading will be allowed for UAE’s citizens easily. Earlier this we already reported about this situation, where we explained how Dubai can adopt Crypto at a huge level.
On 22 September, The Dubai World Trade Centre Authority established an agreement with the UAE’s Securities and Commodities Authority (SCA).
SCA will take care of the crypto regulation in the economic free zone in Dubai. That means, SCA will give approval, license and impose regulation on the crypto related operations & services.
In this new initiative of Dubai Authorities, The Dubai World Trade Centre Authority (DWTCA) will play the role to provide licenses for the financial institutions for the crypto services.
The director-general of DWTCA Helal Saeed Al Marri & SCA acting CEO Maryam Al Suwaidi signed the agreement to cooperate with each other.
Maryam Al Suwaidi added that the new initiative is our steps to adopt the innovation of new technology like NFTs
Further he added
“..As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies,”