MEA Fintech Weekly News: Dubai Gets Regulatory Nod for Crypto Trading

MEA Fintech Weekly News: Dubai Gets Regulatory Nod for Crypto Trading

In last week’s MEA fintech news, it’s all eyes on crypto trading in the UAE – approvals for crypto trading at a Dubai-based free zone make their way through, while BitOasis registers on an anti-money laundering system in the country.

Meanwhile, e-payments see tailwinds in Jordan, Flutterwave moves ahead with global expansion, and Colendi raises US$30 million in a funding round.

It’s official – Dubai free zone to offer crypto trading

Crypto trading at the Dubai World Trade Centre Authority (DWTCA) free zone will be made official, according to an announcement last week.

The UAE’s Securities and Commodities Authority (SCA) and DWTCA signed an agreement for regulating, offering, and trading crypto assets and related financial activities at the free zone.

The agreement makes way for a framework to issue approvals and licenses for crypto-related financial activities. The SCA will oversee the issuance, offering, listing, and trading of crypto assets at the DWTCA free zone, as well as the licensing of related financial activities.

It will also have powers to supervise and inspect licensed entities.

The agreement will also see the SCA and DWTCA exchanging best practices, and providing mutual technical support.

Helal Saeed Almarri, Director General of DWTCA noted in the statement that new technologies such as