Dubai is taking another step towards cryptocurrency adoption with a new agreement between the Dubai Airport Free Zone Authority and the United Arab Emirates Securities and Commodities Authority (SCA).
In an effort to develop the crypto industry in the region, cryptocurrency trading was allowed in accordance with the established rules. As the UAE Financial Markets supervisory authority, the SCA will oversee the supply, issuance, listing and trading of crypto assets in the free zone. The SCA will also process all necessary permits and licenses for companies engaged in cryptocurrency trading.
According to local media reports, the agreement signed by SCA Acting CEO Maryam Al Suwaidi and DAFZA Deputy CEO Amna Lutah allows DAFZA to expand its business licenses and commercial activities within the free zone.
The UAE, and Dubai in particular, is known for its loyal stance towards cryptocurrency and blockchain. The Dubai Financial Services Authority plans to adopt cryptocurrency regulation this year. In March, the agency called on the public to speak out about the prepared laws.