The Dubai World Trade Center Authority (DWTCA), in cooperation with the UAE’s Securities and Commodities Authority (SCA), announced the conclusion of a pro-crypto agreement that enables crypto assets and related financial activities to be traded in the DWTCA’s free zone .

Dubai World Trade Center takes a pro-crypto stance

The Dubai World Trade Center and the Securities and Commodities Authority (SCA) have reached an agreement in favor of cryptocurrencies, which are responsible for the regulatory oversight of the issuance, supply, listing and trading of virtual assets in the country. In addition, the SCA will also be responsible for the licensing of financial activities within the jurisdiction of the DWTCA.

In addition, the agreement enables the SCA to investigate companies operating in the DWTCA’s free zone and to establish a structure so that the DWTCA can also issue the necessary permits and approvals and enable the official conduct of financial activities in connection with crypto assets.

“Our agreement with the Commodity and Securities Regulatory Authority will allow the DWTCA to expand its regulatory capabilities, licenses and services, in addition to extending centralized oversight of the cryptocurrency market to the region. With the advent of new technologies such as non-fungible” tokens are becoming an important one Playing a role in the future of trade and building on the Blockchain Summit in the future, DWTCA is also pursuing ways of offering this ecosystem a sustainable home in order to be prepared for the future. “ Helal Saeed Almarri, General Director of the Dubai World Trade Center (DWTCA) and Dubai Department of Tourism and Commercial Marketing (DTCM).

Dubai World Trade Center joins the list of crypto-supporting countries

Governments are quickly realizing the growing potential of the cryptocurrency industry. While countries like El Salvador continue to conduct Bitcoin Legal Bidding despite the public backlash; even the Indian subcontinent is seeing support from government officials for the crypto sector. Indian Finance Minister Nirmala Sitharaman recently warned that the government’s more cautious stance on cryptocurrencies could be a bad idea and that they “need to make sure that a future cannot be dismissed”.

DWTCA is a skyscraper in Dubai, United Arab Emirates that was built in the time of His Highness Sheikh Rashid bin Saeed Al Maktoum. It is on Sheikh Zayed Road on the Mall Roundabout. It was built in 1979. It is a complex for events and exhibitions consisting of 1 tower, 8 exhibition halls, the Dubai International Convention Center and residential apartments.

DWTCA’s partnership with SCA marks the official opening of the Crypto Valley in Dubai. Not only is she responsible for overseeing the regulation and trading of virtual currencies in the country, but also has the authority to license crypto-related financial activities with the DWTCA.

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