The agreement allows the Dubai World Trade Center Authority (DWTCA) to grant permits and licenses to crypto trading service providers
The United Arab Emirates Securities and Commodities Authority (SCA) has signed an agreement with the Dubai World Trade Center Authority (DWTCA) under which the latter will support and promote trading in crypto assets.
According to a statement issued by the SCA on September 22, the agreement will enable the DWTCA to begin work on appropriate regulation of the crypto asset market. Dubai authorities will also oversee the “offering, issuance and listing” of cryptocurrencies within its free zone, the securities regulator said in its announcement.
The DWTCA is expected to operate within established frameworks with respect to crypto assets, including issuing licenses to financial firms that wish to provide crypto asset–related services.
Meanwhile, the SCA will continue to monitor and regulate national financial markets. This oversight will include ensuring adequate investor protection and supervising all providers operating in Dubai’s free zone.
The agreement comes as the UAE positions itself as one of the fastest-growing hubs for crypto adoption, enhancing Dubai’s appeal as a global center for trade and finance.
DWTCA Director General Helal Saeed Almarri said the cooperation between the Dubai authority and the national market regulator contributes to the city’s broader development as a hub for innovation.
He added that the agreement aligns with the Emirates Blockchain Strategy and supports the UAE’s emergence as a global destination for blockchain research. He also highlighted growth in the non-fungible token (NFT) space as a key attraction for investors.