The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have entered into an agreement supporting the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within DWTCA’s free zone.
“The SCA will be responsible for the regulatory supervision of offering, issuing, trading, and listing of crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone,” said Maryam Al Suwaidi, acting CEO of SCA.
“The Dubai World Trade Centre Authority is committed to expanding its services as a freezone of choice for the international investment and entrepreneurial community,” stated Helal Saeed Almarri, director-general of DWTCA and Dubai Department of Tourism and Commerce Marketing (DTCM).
As Dubai continues its drive towards innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies.
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 freezone.”
“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,” he stated.
As part of the agreement, the SCA, in collaboration with DWTCA, will handle the regulatory oversight of the issuance, offering, listing, and trading of crypto assets, as well as the licensing of the associated financial activities that fall under DWTCA’s jurisdiction.
The SCA and DWTCA will exchange best practices relating to the project, as well as delivering mutual technical support to enhance their understanding of both organizations’ financial systems.
The partnership will also include the provision of professional services that specify the responsibilities and obligations of both parties.
