UAE’s Securities and Commodities Authority (SCA) has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to encourage regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within the free zone of the DWTCA.
According to the reports, the agreement establishes a framework that enables DWTCA to issue the necessary approvals and licenses for the conduct of financial activities relating to crypto assets.
The DWTCA has agreed to expand its existing business licenses, services, and incentives under the terms of the agreement.
SCA will manage the regulatory oversight of the issuance, offering, listing, and trading of crypto assets as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction. SCA will also oversee, monitor, and inspect entities operating within DWTCA’s free zone under the terms of the pact.
Dr. Maryam Al Suwaidi Acting CEO – SCA
“The agreement comes in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, to enhance cooperation and exchange knowledge and expertise with various government departments, authorities, and institutions to work collaboratively and achieve common goals. The SCA will be responsible for the regulatory supervision of offering, issuing, trading, and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control, and investigate the licensed entities that operate within the free zone.”
Mr. Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM) said, “The Dubai World Trade Centre Authority is committed to expanding its services as a free zone of choice for the international investment and entrepreneurial community. As Dubai continues its drive towards innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies.”
“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,” Mr. Al Marri added.
The SCA and DWTCA will share best practices relating to the project, as well as provide mutual technical support to improve their understanding of both organizations’ finance systems. The alliance will also include the provision of professional services that specify the responsibilities and obligations of both parties.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
