Cryptocurrency trading becomes legal in Dubai

TL;DR Breakdown Cryptocurrency trading becomes legal in Dubai after SCA, DWTCA agreement.Dubai steadily becoming a crypt-friendly hub.UAE becoming a world leader in global blockchain adoption. Authorities in the United Arab Emirates (UAE) have approved for cryptocurrency trading to have legal backing in the economic free zone in Dubai. The Dubai World Trade Center Authority (DWTCA) announced on Wednesday it had agreed with the UAE’s Securities and Commodities Authority (SCA) to make cryptocurrency trading, issuance, and regulation legal in the DWTCA free zone. What legal cryptocurrency trading in DWTCA free zone means The new initiative enables the DWTCA to issue necessary approvals and licenses for financial activities related to cryptocurrencies. However, per the agreement, the UAE SCA would supervise major crypto-related activities, such as issuance, listing, trading, and licensing processes. The agreement was endorsed by the acting CEO of the SCA, Dr. Maryam Al Suwaidi, DWTCA director-general Helal Saeed Al Marri, and an executive at the Dubai Department of Tourism and Commerce Marketing (DTCM). While speaking on the initiative, Dr. Al Suwaidi, SCA CEO, said the agreement comes after the Ministry of Economic and SCA directed regulators to work collectively to achieve common goals. UAE becoming a crypto-friendly hub Al-Marri, DWTCA DG, while speaking, said the move would further help the free zone expand its list of servic...