The Dubai World Trade Centre Authority (DWTCA) in collaboration with the Securities and Commodities Authority (SCA) of the UAE has announced entering a pro-crypto agreement that will enable the trading of crypto assets and related financial activities within DWTCA's free zone.
Dubai World Trade Centre to play on backfoot as SCA takes command
The Dubai World Trade Centre has put the Securities and Commodities Authority (SCA) in charge of regulatory surveillance for the issuance, offering, listing, and trading of virtual assets in the nation. Furthermore, the SCA will also be responsible for licensing the related financial activities that come under DWTCA's jurisdiction.
The agreement additionally allows the SCA to look over the inspection of entities operating within DWTCAs free zone, along with laying out a structure so that DWTCA can also issue necessary approvals and licenses, allowing official operations 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 centralized supervision of the crypto market to our free zone…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”, said Helal Saeed Almarri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM).
Dubai authorities join the long line of countries supporting crypto
Governments are rapidly realizing the scaling potential of the crypto industry. While countries like El Salvador continue to implement the Bitcoin Legal Tender regardless of public backlash; even the Indian sub-continent is witnessing support from government officials toward the crypto sphere. India‘s Finance minister Nirmala Sitharaman recently warned that the government’s extra cautious nature towards crypto could be a bad idea and that they need to “be sure that a futuristic thing can't be shut out”.
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