Dubai World Trade Center Authority Supports Crypto-Asset Trading

The Dubai World Trade Center Authority (DWTCA), in collaboration with the Securities and Commodities Authority (SCA) of the UAE, has announced a cryptocurrency agreement that will enable the trading of cryptoassets and related financial activities in the DWTCA Free Zone.

DWTCA has charged SCA with regulatory oversight of the issuance, offering, listing and trading of virtual assets in the country. In addition, the SCA will also be responsible for licensing the relevant financial activities that fall under the DWTCA jurisdiction.

The agreement additionally allows SCA to oversee audits of organizations operating in the DWTCA free zone, as well as to define a structure that allows DWTCA to issue the necessary permits and licenses, allowing formal transactions of financial activities related to cryptoassets.

Image: Arabian Business