Earlier today, the Dubai World Trade Centre Authority (DWTCA), along with the United Arabic Emirates (UAE) and the Securities and Commodities Authority (SCA), reported that they will be entering a pro-crypto trading agreement that will permit cryptocurrency trades throughout the free zone of DWTCA.
Dubai World Trade Centre Playing Backfoot as the SCA Takes Over Control
The Securities and Commodities Authority (SCA) has been put in charge of surveillance for the listing, trading, issuance, and offering of digital assets by the Dubai World Trade Centre. Moreover, the Dubai World Trade Centre has given the SCA responsibility for the licensing of any financial activities that fall under the jurisdiction of DWTCA.
Based on this agreement, the SCA also gains control over the inspection of all the entities that operate on the DWTCA’s free zome. Additionally, the SCA can lay out structures that enable DWTCA to issue any approval or license needed for official operations of a financial nature related to crypto projects.
The Director-General of Dubai World Trade Centre Authority (DWTCA) stated this:
“Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralized supervision of the crypto market to our free zone…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, DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future-ready”.
Dubai Becomes One of the Many Countries that Support Crypto
Everybody is understanding the power and influence that the crypto industry will have in the future. With such huge potential, this industry has caught the attention of numerous governments – with El Salvador leading the way. Although Bitcoin as a Legal Tender was criticized a lot by the masses, El Salvador continued its implementation.
Recently, the crypto industry received support from numerous countries; including India, a country that was strictly against cryptos before 2020. Nirmala Sitharaman, India’s Finance Minister, expressed her opinion over this issue, criticizing the government for being extra cautious regarding crypto. She also claimed that the government must give crypto a chance since “a futuristic thing can’t be shut out.”
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