Thanks to a new agreement between the Dubai Airport Free Zone Authority (DAFZA) and United Arab Emirates’ Securities and Commodities Authority (SCA), Dubai is taking another step to embrace cryptocurrencies
DAFZA will now allow cryptocurrency trading under an established regulation and it is in a move to grow crypto industry within the region.
The SCA will oversee the offering, issuance, listing and trading of crypto assets within the free zone, as the financial markets supervisor across the UAE. Also, regarding crypto trading, the SCA will also handle all necessary approvals and licensing for companies.
However, the partnership enables DAFZA to expand its business licenses and commercial activities within the free zone, local media reports, as signed by SCA Acting CEO Maryam Al Suwaidi and DAFZA Assistant Director-General Amna Lootah.
Noting that the partnership will enable the two parties to contribute to achieving the UAE’s national plans more effectively, Al Suwaidi shared more details about the agreement:
“The terms included in the agreement are set to establish a strategic partnership, which allows the provision of distinguished professional services while specifying the responsibilities and obligations of each of the two parties. It also provides reliable and timely support to each party regarding any matters falling within the scope of this agreement and sharing the best practices of relevant markets.”
Amna Lootah said that by expanding the licenses and services it provides, DAFZA will continue to attract foreign investors.
The UAE, particularly Dubai, is known for its welcoming stance on crypto and blockchain. Dubai facilitates regulatory bodies to promote and encourage the adoption of blockchain.