Dubai regulator approves cryptocurrency trading in the free zone

The UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have signed an agreement to support the trading of crypto assets and related services in the DWTCA free zone. This was reported by Gulf News.

The SCA will oversee the issuance, offering, listing, and trading of crypto assets.

The agreement sets out a framework that allows the DWTCA to issue the necessary authorizations and licences to conduct activities related to digital assets.

“DWTCA aims to become a hub for the nascent ecosystem of new technologies.”, said Helal Saeed Almarri, CEO of the DWTCA and the Dubai Department of Tourism and Commerce Marketing.

Earlier in July, the UAE Central Bank announced the development of its own digital currency in the Development Strategy 2023-2026.

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