[2021-09-24] UAE to allow crypto trading in Dubai free zone

[gabbie2010]

UAE to allow crypto trading in Dubai free zone

Financial regulators in the United Arab Emirates are set to allow and support cryptocurrency trading in an economic free zone in Dubai.

According to the Emirates News Agency, the Securities and Commodities Authority and the Dubai World Trade Centre Authority have entered into an agreement supporting the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within the DWTCA’s free zone.

The agreement was signed by acting Chief Executive of SCA, Dr Maryam Al Suwaidi, and Director-General of DWTCA and Dubai Department of Tourism and Commerce Marketing, Helal Saeed Al Marri.

Commenting on the agreement, Al Suwaidi said, “The agreement comes in response to directives from Abdulla bin Touq Al Marri, Minister of Economy and SCA Board Chairman, to enhance cooperation and exchange knowledge and expertise with various government departments, authorities, and institutions to work collaboratively and achieve common goals.

“The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

Also speaking on the agreement, Al Marri said, “The Dubai World Trade Centre Authority is committed to expanding its services as a free zone of choice for the international investment and entrepreneurial community.

“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies.
“Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licences and services capabilities, in addition to extending the centralised supervision of the crypto market to our free zone.”

He added that with the rise of new technologies such as non-fungible tokens set to play an important role in the future of commerce, and building on the Future Blockchain Summit, the DWTCA was a way to offer a sustainable home for the new ecosystem, and to stay future ready.
Source Link: https://punchng.com/uae-to-allow-crypto-trading-in-dubai-free-zone/

A good decision from UAE authorities in full support of cryptocurrencies trading although it going to be regulated, a big plus to them for allowing crypto adoption in the country.

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[SFR10]

CMIIW: According to "this thread", BTCitcoin is legal in UAE, but for some reason, they were not allowed to trade it with other cryptocurrencies?
The only thing that doesn't impress me from the agreement in question is the fact that they've tied it to "Dubai free zone", as opposed to UAE as a whole, and on top of that, it looks like they have to obtain a license first ^{[from SCA]}.

[Woodie]

Atleast there is still some actual freedom for crypto users out there which is very commendable...In the midst of tough regulation coming from countries like China ( as always of course) at least we still have some financial freedom which shows there is still hope for us. I just wonder why certain countries want to suppress people's freedoms on their choice of how they choose to invest .

Expect more companies to establish base in the UAE after receiving this news.

[Kong Hey Pakboy]

Atleast there is still some actual freedom for crypto users out there which is very commendable...In the midst of tough regulation coming from countries like China ( as always of course) at least we still have some financial freedom which shows there is still hope for us. I just wonder why certain countries want to suppress people's freedoms on their choice of how they choose to invest .

Expect more companies to establish base in the UAE after receiving this news.

Nah, this is just a season of FUD that yearly happens, no point worrying too much about it because at the end of the day, we will see that the patience that we put into the situation will eventually pay off.

[Renampun]

...

Many countries still have mixed opinions about cryptocurrencies...

See how China argues that all cryptocurrencies are illegal while Dubai and El Salvador argue otherwise. China has a very centralized government, everything has to be under their strict rules, which they can't hold onto they consider illegal. I hope the UAE will soon issue legal crypto payments in their country so that China is getting hotter hearing that "lol"