The UAE Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre with the aim of regulating the issuance, listing, and trading of crypto assets, as well as conducting related financial activities in the free zone. The authority stated in a statement today, Wednesday, that this agreement allows for the issuance of the necessary approvals and licenses for offering and carrying out related financial activities by entities operating within the jurisdiction of the Dubai World Trade Centre Authority.
The authority will also oversee, regulate, inspect, and investigate entities operating under the jurisdiction of the authority that obtain a license or approval from the authority under this agreement. The developed regulatory framework established by the agreement includes providing exceptional professional services through a strategic partnership that defines the responsibilities and obligations of both parties, offering timely and reliable support concerning any matters within the scope of this agreement.
The agreement will contribute to accelerating the growth of the issuance, listing, and trading of crypto assets and enhance the use of blockchain in the UAE. The two parties will exchange best practices related to the project to achieve their strategic and regulatory goals, as well as share technical support to enhance both parties' capacity for mutual understanding and familiarity with each other's financial systems. This will be accomplished through conferences and joint visits aimed at exchanging experiences and information related to managing daily challenges and developing the systems implemented by each party.
