The economic authorities of the United Arab Emirates approved trading and transactions involving cryptocurrencies and their support in the Dubai FTZ.
United Arab Emirates SCA Deputy Director Al Suwaidi and DWTCA CEO Helal Said Almarri signed an agreement to regulate trade in a new asset class in the FTZ. The organizations will form a clear structure that will allow DWTCA to license cryptocurrency activities and provide appropriate rights to various companies. SCA will also be able to manage the main types of transactions involving crypto assets: token issuance, the process of listing, selling, buying and licensing.
According to Al Suwaidi, the concept complements DWTCA's strategy to expand the range of services in FTZs and introduce innovative technological solutions such as cryptocurrencies. As Dubai moves closer to digitalizing its economy, more and more enterprises are integrating care for blockchain and crypto-based products. Thus, the deal complements the UAE's course to become a friendly global hub for digital currencies. Talking about new technological solutions, Almarri also mentioned NFT, saying that this technology will play a leading role in the future of commerce in the UAE.
Local officials signed a similar agreement to develop the crypto industry in the DAFZA, and in April this year, the UAE Minister of Economy announced that asset tokenization would be a key trend in the country's strategy to double the economy over the next decade.
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