DWTCA (Dubai World Trade Centre Authority) and Securities and Commodities Authority (SCA) has issued approval and license to start crypto assets trading.
Entrusted with regulating and monitoring UAE’s financial markets, the Securities and Commodities Authority aims to build a sustainable investment environment and safeguard the rights of investors, promote sound practices, and also to create an environment that attracts capital, using innovative systems.
The Director General of Dubai World Trade Centre Authority (DWTCA), Helal Saeed Almarri, said:
“The Dubai World Trade Centre Authority is committed to expanding its services as a free zone of choice for the international investment and entrepreneurial community. As Dubai continues its drive towards an 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 centralised supervision of the crypto market to our free zone.”
The authority has also signed the agreement to expand its existing business licenses, services and incentives. In collaboration with DWTCA, SCA 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 organisations’ financial systems. The partnership will also include the provision of professional services that specify the responsibilities and obligations of both parties.
