Dubai World Trade Centre Authority plans to start faster adoption of crypto trading

Dubai World Trade Centre Authority to start crypto assets trading, and establish a framework adequate for that. It also came across an agreement that allows the body to authorize and issue all the necessary approvals and licenses for this purpose.

On Wednesday, authorities mentioned that they will offer regulation, issuance, listing, and trading facilities to users from now on, to promote an innovative and digitalized economy.

The agreement was formed between the Securities and Commodities Authority (SCA), and DWTCA. SCA will be responsible for overseeing, monitoring, and inspecting these operations, especially in the DWTCA free zone.

Previously, Dubai Airport Free Zone Authority also signed with SCA to promote Blockchain-based networks and their usage. The agreement was signed by Dr. Maryam AI Suwaidi from SCA (CEO), and Helal Saeed Almarri (Director General of DWTCA, and Dubai Department of Tourism and Commerce Marketing (DTCM)).

The goal is to promote businesses and incentivize Blockchain products. Experts think that Dubai can benefit from cryptocurrency usage, and use it for further infrastructure development.

These organizations have to thank Abdulla bin Touq Al Marri, Minister of Economy, and a Chairman of the SCA Board. He provided the directives to ensure faster adoption of this network on a government level.

The report said that DWTCA is planning to expand its services to ensure international business collaborations, and be future-ready with technologies like NFTs.