In an attempt to drive toward innovation and a digital-led economy, the Dubai World Trade Centre Authority (DWTCA) stated on Wednesday that it will support the regulation, offering, issuance, listing, and trading of crypto assets, as well as related financial operations, within its free zone. This will allow the DWTCA to provide approvals and licenses for crypto asset-related financial activities, according to a statement issued by the Dubai body on Wednesday.
Moreover, Dubai is already a key worldwide hub for Middle Eastern activity. While other nations, such as Bahrain, have seen significant investments in their crypto exchange from Coinbase, Dubai has ambitious intentions. The country stated unequivocally that it aspires to become the region’s blockchain and Defi innovation powerhouse. This new action by UAE regulators backs up such plans.
The agreement was signed by the UAE’s Securities and Commodities Authority (SCA) interim CEO Maryam Al Suwaidi, DWTCA director-general Helal Saeed Al Marri, and a Dubai Department of Tourism and Commerce Marketing officer, according to the release.
The agreement comes in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and the 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,”said Dr. Al Suwaidi
According to Almarri, the DWTCA is committed to increasing its services as a preferred free zone for international investment and entrepreneurship. “As Dubai pursues innovation and digital-led economy, the DWTCA seeks to assist enterprises based on blockchain and cryptography technology. Our agreement with the Securities and Commodities Authority will allow the DWTCA to strengthen its regulatory, license, and service capacities, as well as extend centralized crypto market monitoring to our free zone.”