Agreement enables Dubai World Trade Centre Authority (DWTCA) to grant permissions and licences to crypto trading providers
The UAE’s Securities and Commodities Authority (SCA) has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) under which the DWTCA will support and promote the trading of crypto assets within its free zone.
According to a statement the SCA issued on 22 September, the arrangement establishes a framework for the DWTCA to work toward proper regulation of the crypto assets market. The Dubai authority will have oversight responsibilities for the offering, issuance, and listing of cryptocurrencies in its free zone, the securities regulator said.
Under the agreement, the DWTCA will operate within a clear regulatory framework in its daily activities related to crypto assets, including issuing licences to financial firms that wish to provide crypto asset services.
The SCA will continue to monitor and regulate the country’s financial markets, ensuring investor protection and conducting inspections of all crypto service providers operating within Dubai’s free zone.
This cooperation comes as the UAE seeks to strengthen its position as a rapidly growing destination for crypto adoption, enhancing Dubai’s appeal as an international hub for trade and finance.
Helal Saeed Almarri, director-general of the DWTCA, said the collaboration with the national markets regulator contributes to the city’s development as an innovation hub. He noted that the agreement supports the UAE’s broader Blockchain Strategy and reinforces the country’s role as a global centre for blockchain research.
Almarri also highlighted growth in the non-fungible token (NFT) market as an important factor attracting investors and driving innovation in the region.