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UAE: SCA, DWTCA Sign Agreement to Support Trading of Crypto Assets

The agreement is expected to contribute to the growth of the offering, issuance, listing, and trading of crypto assets and enhancing the uses of Blockchain in the UAE (Asharq Al-Awsat)
The agreement is expected to contribute to the growth of the offering, issuance, listing, and trading of crypto assets and enhancing the uses of Blockchain in the UAE (Asharq Al-Awsat)
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UAE: SCA, DWTCA Sign Agreement to Support Trading of Crypto Assets

The agreement is expected to contribute to the growth of the offering, issuance, listing, and trading of crypto assets and enhancing the uses of Blockchain in the UAE (Asharq Al-Awsat)
The agreement is expected to contribute to the growth of the offering, issuance, listing, and trading of crypto assets and enhancing the uses of Blockchain in the UAE (Asharq Al-Awsat)

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.

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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.