A wonderful announcement has been made for the cryptocurrency community in the United Arab Emirates. The reports suggest that the regulatory authorities in UAE have come to an agreement with the cryptocurrency sector in the states.
According to the agreement signed by the financial regulators in the United States Emirates, Dubai’s economicfree zone will have support for the cryptocurrency trading services.
With the new agreement in place, the cryptocurrency firms in the UAE would be able to perform cryptocurrency trading in Dubai’s economicfree zone.
The sources confirm that it is the Dubai World Trade Center Authority (DWTCA) that has put its signatures on the agreement. The deal has been struck between the Securities and Commodities Authority (SCA) of Dubai and the DWTCA. The announcement in regards to the deal between the entities has been made on Wednesday, September 22, 2021.
With the new agreement in place, a new regulatory and cryptocurrency trading framework will be established. This framework will prove beneficial and extremely profitable for the cryptocurrency trading industry in the UAE. This would enable the trading of digital assets in the DWTCA free zone.
The DWTCA will also be able to issue necessary licensing and approvals for the cryptocurrency sector. This would impact the financial sector revolving around cryptocurrencies.
As part of the agreement, the Securities and Commodities Authority would also be responsible for looking after activities within the cryptocurrency industry. The SCA will also supervise all the cryptocurrency trading activities within the crypto-trading zone of Dubai.
It will be responsible for issuing all the licenses to the cryptocurrency trading platforms within the jurisdictions. Furthermore, it will also look after the trading, listing, and issuing processes for cryptocurrencies.
The sources have revealed that from SCA’s end, it was Maryam Al Suwaidi, the CEO at that SCA, who signed the agreement. From DWTCA’s end, it was Helal Saeed Al Marri, the director-general at DWTCA, who signed the agreement.
Another executive from Dubai took part in the signing of the agreement who was from the Department of Tourism and Commerce Marketing from Dubai.
Al Suwaidi that the DWTCA has been aiming to expand its services into different projects and spaces, and cryptocurrencies are one of them. It wants to make such services available to as many users as possible. This is the reason why the service has been added in the form of a free zone.
Al Suwaidi added that the DWTCA is also aiming to benefit as well as have others benefit from the non-fungible tokens (NFT) technology. This is one of the major goals that Dubai is aiming to achieve in order to drive a digital and innovation-led economy into the state.