Dubai makes another major move to push for more crypto adoption

2021-5-22 18:39

In a swift move that can encourage more crypto adoption, the Dubai Airport Free Zone Authority (DAFZA) will support the trading of cryptocurrencies after signing an agreement with the Securities and Commodities Authority (SCA).

The support will also include the listing, issuance, offering, and regulation of crypto assets. The agreement was signed by Assistant Director-General of DAFZZA, Amna Lootah, and acting Chief Executive Officer of CSA, Maryam Al Suwaidi.

Based on the deal, companies that trade on cryptocurrencies can receive their license within the Dubai Airport Free Zone while the SCA will be issuing the necessary licenses and approvals. DAFZA will also offer a complete regulatory framework and a legislative environment that is more efficient and flexible to foreign investors.

CSA to oversee issuance and listing of crypto assets

The partnership will give the CSA the authority to oversee the issuance, offering, and listing of cryptocurrencies within the zone. The authority will also carry out supervisory roles to investigate the organizations operating crypto-related businesses within the DAFZA zone.

The deal is expected to drive growth within the crypto space and encourage the use of blockchain technology within the zone and the UAE at large.

Also, based on the agreement, both parties will harness their resources, including technical support and experiences to improve efficiency within the current financial systems.

The UAE has not shied away from enhancing the growth of the crypto and blockchain industry in the region. With this new agreement, the parties hope to accelerate the growth in the industry in the UAE and other GCC countries.

Keeping up pace with changing digital landscape

Lootah commented on the agreement by stating that cryptocurrencies are no longer looked at with skeptical eyes as in the past. It has gradually moved from the era of showing interest to direct investment.

He added that crypto assets have crossed a major hurdle after drawing acceptance from major mainstream financial companies in the world. The UAE is poised to keep up pace with the changing digital landscape.

Dubai has also shown increased interest in blockchain technology after engaging in several strategic plans.

The post Dubai makes another major move to push for more crypto adoption appeared first on Invezz.

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