The United Arab Emirates has reinforced its position in the digital asset market with many attempts to further integrate blockchain-based technology. UAE and Dubai are two of the most cryptocurrency-friendly jurisdictions.
They are both doing everything correctly in the bitcoin market and will attract a large number of regional projects. In April, Minister of Economy Abdulla Bin Touq Al Marri indicated that cryptocurrencies and asset tokenization will be crucial in achieving the country’s goal of doubling GDP in ten years.
A public Bitcoin (BTC) fund run by 3iQ, a Canadian digital asset investment fund manager, was listed on the local stock exchange, Nasdaq Dubai, in June.
Dubai World Trade Centre Authority (DWTCA) Announcement
The UAE’s financial regulators have agreed to allow and promote cryptocurrency trading in an economic free zone in Dubai.
The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have signed agreement to make the regulation, offering, issuance, listing, and trading of crypto assets and related financial operations easier within the DWTCA free zone. The agreement establishes a framework for DWTCA to provide the necessary permissions and licenses for financial operations involving crypto assets.
The agreement was signed by SCA Acting CEO Dr. Maryam Al Suwaidi and Helal Saeed Al Marri, Director-General of the Dubai World Trade Centre Authority (DWTCA) and the Dubai Department of Tourism and Commerce Marketing (DTCM).
According to Al Suwaidi, the new project is in line with the DWTCA’s mission of expanding its services as a free zone while also embracing emerging technologies such as nonfungible tokens.
DWTCA is hoping to help firms based on blockchain and cryptographic technologies as Dubai continues its drive toward an innovation and digital-led economy,” he added.
The DWTCA and the SCA struck a similar agreement in May to aid the growth of the crypto industry in the Dubai Airport Free Zone Authority. The new deal underscores the UAE’s goal of becoming a worldwide crypto powerhouse.
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