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The Dubai World Trade Center Authority (DWTCA) announced a decision control with the Securities and Commodities Authority (SCA) of the UAE on Wednesday to allow the regulation and trading of crypto assets within the DWTCA free zone. The most recent effort establishes a framework for the DWTCA to issue licenses and approvals for crypto-related financial activity. It also gives the SCA the authority to oversee crypto-related operations such as issuance, trading, and licensing.
According to the release, the agreement was supported by Maryam Al Suwaidi, the acting CEO of SCA, DWTCA director-general Halel Saeed Al Marri, and a Dubai Department of Tourism and Commerce officer. According to Al Suwaidi, the new project is in line with DWTCA’s aim to expanding its services as a free zone and supporting new technological developments such as non-fungible tokens (NFTs).
As Dubai pursues an innovation and digital-led economy, the DWTCA seeks to assist enterprises based on blockchain and cryptography technology. Back in May, the SCA entered into a similar arrangement with the Dubai Airport Free Zone Authority to foster the development of the digital currency business. The new agreement cements the UAE’s growing commitment to being a cryptocurrency-friendly community.