Dubai becomes the official crypto exchange after official deal

Dubai officially announced crypto trading after regulators and all authorities teamed up to make the issuance and trading of crypto legal. So let’s read more today in our latest crypto news.

The Dubai World Trade Center Authority-DWTCA has announced that it is working with the UAE’s Securities and Commodities Authority to make the trading, issuance and regulation of cryptocurrencies legal within the DWTCA free zone.

The agreement was signed by the CEO of SCA Dr. Maryam Al Suwaidi, a senior formatter for the Dubai Department of Torusiam and Commercial Marketing, and DWTCA General Manager Helal Saeed al-Marri.

The development gives the DWTCA the authority to issue the necessary permits and approvals for all crypto-related activities in the city, and with the new partnership, the SCA will be responsible for regulatory oversight on offer in the free zone. Dr. Al Suwaidi said the deal came about at the direction of Abdulla bin Touq Al-Marri, chairman of the Board of Directors of the Department of Commerce and the SCA, who said regulators should work together to achieve common goals.

Dr. Al Suwaidi added that the SCA will also control, monitor and investigate licensed companies operating in the free zone. In response to this development, Al-Marri said the move will help DWTCA expand its range of services and attract international investment and other business activities. He also noted that Dubai is ahead of the curve when it comes to innovation and a digitized economy, which is why he believes it will also support blockchain-related companies that will be an integral part of the global payments industry:

“Given the proliferation of new technologies such as non-fungible tokens that will play an important role in the future of trade, […] DWTCA is pursuing ways to give this ecosystem a sustainable home in order to remain fit for the future. “

While this isn’t the first time ruling parties have reached a similar agreement, it’s clear that DWTCA is committed to being a crypto-friendly space and attracting new foreign investment. Not only has Dubai ignored the weight of cryptocurrencies, but it has taken some bold steps to become a leader in the global blockchain adoption. The emirate launched the smart Dubai initiative last year and now wants to be the first city to be operated entirely with DLT. Even the oldest bank in Dubai, Mashreq Bank, has used blockchain technology to improve customer security and create a smart banking platform.