Authorities in Dubai have entered into an agreement to support crypto trading and related financial activities, Gulf News reported.
- The United Arab Emirates’ Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have agreed to push crypto trading in the free zone.
- Under the agreement, SCA will take charge of issuance, offering, listing, and trading of crypto assets, along with the issuance of licenses for associated financial activities under the DWTCA’s jurisdiction.
- The agreement also enables DWTCA to focus on the approval and licensing of financial activities relating to crypto-assets, broadening its regulatory supervision of the crypto market in the free zone.
- DWTCA Director-General Helal Saeed Almarri said the agency is pushing to offer a sustainable home for digital assets to stay future-ready, citing the growth in non-fungible tokens.
The SCA will also oversee, monitor, and inspect firms operating within the free zone of the DWTCA. BTC is up 1.76%, ETH up 3.22%, and XRP up 1.71%.