UAE: DWTCA to Start Allowing Crypto Trading Assets

UAE: DWTCA to Start Allowing Crypto Trading Assets

The UAE Securities and Commodities Authority (SCA) has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to support trading of crypto assets and related financial activities within DWTCA’s free zone.

The agreement will allow DWTCA to issue the approvals and licenses for financial activities related to crypto assets. SCA will oversee, monitor, and inspect entities operating within DWTCA’s free zone.

In May, the Dubai Airport Free Zone Authority inked a similar agreement with the SCA. Dubai’s DMCC free zone opened a blockchain-based exchange for sugar trading last year and the Bitcoin Fund was listed on the Nasdaq Dubai exchange in June -- the first of its kind to trade in the region.