Cryptocurrency: UAE authorities approve cryptocurrency trading in the Dubai Free Zone.

UAE financial regulators have reached an agreement to officially authorize and support cryptocurrency trading in a free economic zone in Dubai.

The Dubai World Trade Center Authority (DWTCA) announced on September 22 that it has signed an agreement with the United Arab Emirates’ Securities and Commodities Authority (SCA) to support the regulation and trading of cryptocurrencies in the Free Zone of the DWTCA.

The new initiative establishes a framework for the DWTCA to issue the necessary approvals and licenses for financial activities related to cryptocurrencies. As part of this agreement, SCA will also oversee key cryptocurrency-related activities, such as issuance, listing, trading and licensing processes.
According to the announcement, the deal was signed by Acting CEO of SCA Maryam Al Suwaidi, Managing Director of DWTCA Helal Saeed Al Marri, as well as an executive from the Dubai Tourism and Commerce Department. .

Al Suwaidi said this new project is part of DWTCA’s commitment to expand its services as a free zone and support new technologies like non-fungible tokens. “As Dubai continues its momentum towards an innovation-driven and digital economy, the DWTCA seeks to support businesses underpinned by blockchain and crypto technologies,” he added.

DWTCA and SCA did not immediately respond to Cointelegraph’s request for comment. Authorities previously reached a similar deal to boost the development of the crypto industry in the Dubai Airport Free Zone Authority in May.

The new agreement further reinforces the UAE’s growing commitment to become a global cryptocurrency-friendly hub.
In April, Economy Minister Abdulla Bin Touq Al Marri said cryptocurrencies and asset tokenization will be key to the country’s plans to double its economy in 10 years. Local exchange Nasdaq Dubai then listed a public bitcoin fund (BTC) of Canadian digital asset fund manager 3iQ in June.