The UAE Securities and Commodities Authority (SCA) and Dubai World Trade Centre Authority (DWTCA) have entered into an agreement to support cryptocurrency trading and related services in the DWTCA free zone. This was reported by Gulf News.
The SCA will oversee the issuance, offering, listing and trading of crypto assets.
The agreement establishes a framework that allows DWTCA to issue necessary approvals and licences for financial activities related to digital assets.
"DWTCA expects to become a hub for the emerging new technology ecosystem," said Helal Saeed Almarri, CEO of DWTCA and Dubai's Department of Tourism and Commercial Marketing.
Recall that in July, the UAE central bank announced the development of its own digital currency in its Development Strategy 2023-2026.