In a move that would further increase crypto adoption in the Middle East, the United Arab Emirates’ Securities and Commodities Authority (SCA) has recently signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to support crypto trading.
According to Emirates News Agency, the deal would support the regulation and trading of cryptocurrencies in DWTCA’s economic-free zone.
The agreement would allow the DWTCA to issue the approvals and licenses for the conduct of financial activities that are related to cryptocurrencies.
SCA, for its part, will oversee critical cryptocurrency activities which include supervising the issuance, offering, listing, trading of cryptos, and the licensing of the associated financial activities under DWTCA’s jurisdiction.
Acting chief executive officer of SCA Dr. Maryam Al Suwaidi and Director General of the DWTCA and Dubai Department of Tourism and Commerce Marketing (DTCM), Helal Saeed Al Marri, signed the agreement.
Expanding crypto adoption
Al Marri recognizes the massive role that blockchain-based technologies will play in various industries, especially in the area of commerce.
He also vowed that UAE will invest heavily in developing sustainable solutions that would help the country keep up with the changing global tech landscape.
Al Marri added that supporting businesses that develop blockchain technology is one of the keys to push the country’s tech capabilities to new heights.
Leading position
The United Arab Emirates isn’t only interested in tapping the benefits of blockchain technology. It also wants to take a leading role in developing this technology to better prepare the country for a blockchain-centric future.
UAE has rolled out the “UAE Blockchain Strategy 2021”, which initially aims to bring half of the government transactions under blockchain technology. The government is currently introducing a series of policies that supports blockchain tech to achieve this goal.
Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) have already rolled out their own cryptocurrency regulations.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/bitcoin/united-arab-emirates-finally-supports-crypto-trading/
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