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UAE’s Regulator Supports Crypto Asset Trading in Free Zone - Financial Markets Worldwide

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8c3937d6a805c13b705e3d5d49b26e19Cryptocurrency2 minutes ago (Sep 23, 2021 04:30AM ET)

UAE’s Regulator Supports Crypto Asset Trading in Free Zone

  • UAE’s regulator is supporting crypto-asset trading.
  • The DWTCA can now issue licenses and approvals.
  • It can do so for those entities operating in the free zone.

The UAE’s regulator — Securities and Commodities Authority (SCA) signed an accord with the Dubai World Trade Centre Authority (DWTCA). This deal states that the regulator will support crypto asset trading within the DWTCA’s free zone.

According to Maryam Al Suwaidi, the acting chief executive of the SCA, the DWTCA can now issue approvals and licenses for crypto-related activities. Specifically, for the finance crypto-related activities.

Meanwhile, the SCA will support the DWTCA by inspecting those licensed within the free zone. If needed, the SCA will also conduct investigations where necessary. Director-General of the DWTCA — Helal Saeed Almarri, says

Our agreement with the Securities and Commodities Authority will allow [the] DWTCA to broaden its regulatory…

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