The Dubai World Trade Center Authority (DWTCA) announced on September 22nd that it had signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to regulate assets and trade in cryptocurrency in the DWTCA free zone support.
The new initiative creates a framework that enables the DWTCA to issue the necessary permits and licenses for financial activities related to cryptocurrencies. As part of the agreement, the SCA will also oversee key crypto-related activities such as the issuing, listing, trading and licensing processes.
According to the announcement, the agreement was signed by SCA Acting CEO Maryam Al Suwaidi, DWTCA General Manager Helal Saeed Al Marri and an executive from the Dubai Department of Tourism and Commercial Marketing.
Al Suwaidi said the new project is in line with DWTCA’s commitment to expand its services as a free zone and support new technologies such as inedible tokens. “As Dubai continues to move towards an innovation and digitized economy, DWTCA aims to support companies based on blockchain technology and cryptography,” he added.
Related: Bittrex Global CEO says Dubai is benefiting from the expansion of the crypto market
The DWTCA and SCA did not immediately respond to Cointelegraph’s request for comment. The authorities previously signed a similar agreement in May to encourage the development of the crypto industry with the Dubai Airport Free Zone Authority.
The new agreement reaffirms the UAE’s growing commitment to become a crypto-friendly global hub.
In April, Economy Minister Abdulla Bin Touq Al Marri stated that cryptocurrencies and crypto assets will be key to the country’s plan to double the economy in 10 years. The local stock exchange Nasdaq Dubai then publicly listed a Bitcoin (BTC) fund of the Canadian digital asset fund manager 3iQ in June.
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