The UAE’s Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered into an agreement to support the trading of crypto assets and other related financial activities within the free zone.
- SCA will be responsible for regulatory oversight of the issuance, offering, listing, and trading of crypto assets, as well as the licensing of the related financial activities.
- The agreement establishes a model that allows DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to crypto assets.
- Helal Saeed Almarri, Director-General of DWTCA stated that the agreement will allow DWTCA to expand its regulatory, licenses, and services capabilities alongside extending the centralized supervision of the crypto market to a free zone.
- Almarri further stated that the rise of new technologies such as non-fungible tokens will play an important role in the future of commerce and building on the Future Blockchain Summit.
Under the agreement, the Securities and Commodities Authority (SCA) will conduct oversight, monitoring, and inspection of entities operating within DWTCA’s free zone.
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