Breaking: Dubai World Trade Centre takes pro-crypto stance with trading agreement

The Dubai World Trade Centre Authority (DWTCA) in collaboration with the Securities and Commodities Authority (SCA) of the UAE has announced entering a pro-crypto agreement that will enable the trading of crypto assets and related financial activities within DWTCA’s free zone.

Dubai World Trade Centre to play on backfoot as SCA takes command

The Dubai World Trade Centre has positioned the Securities and Commodities Authority (SCA) in fee of regulatory surveillance for the issuance, offering, list, and buying and selling of digital assets in the state. Furthermore, the SCA may also be responsible for licensing the related monetary activities that come beneath DWTCA’s jurisdiction.

The settlement additionally allows the SCA to look over the inspection of entities working inside DWTCA’s free region, together with laying out a shape so that DWTCA can also problem vital approvals and licenses, allowing official operations of economic activities referring to crypto-assets.

“Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralized supervision of the crypto market to our free zone…With the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future-ready”, said Helal Saeed Almarri, Director-General of Dubai World Trade Centre Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM).

Dubai authorities join the long line of countries supporting crypto

Governments are swiftly figuring out the scaling capacity of the crypto enterprise. While countries like El Salvador maintain to implement the Bitcoin Legal Tender irrespective of public backlash; even the Indian sub-continent is witnessing support from government officials in the direction of the crypto sphere. India’s Finance minister Nirmala Sitharaman lately warned that the authorities’s more cautious nature towards crypto might be a bad idea and that they want to “be sure that a futuristic aspect can’t be shut out”.