DAFZA Signs Agreement with SCA to Support Trading of Crypto Assets
Dubai Airport Free Zone Authority (DAFZA) has signed an agreement with the Securities and Commodities Authority (SCA) to support the regulation, offering, issuance, listing and trading of crypto assets within the free zone.
The agreement was signed by Her Excellency Dr. Maryam Al Suwaidi, Acting CEO of the Securities and Commodities Authority and Amna Lootah, Assistant Director-General, DAFZA.
The new agreement allows companies trading with crypto assets cryptocurrencies to be licensed within DAFZA as the SCA will be issuing the relevant approvals and licenses.
Through this partnership, DAFZA has expanded its business licenses and commercial activities that will be integrated with the incentives and services the free zone provides.
DMCC to Build Blockchain-Enabled Precious Metals Refinery in Dubai
It will also provide a developed regulatory framework and flexible legislative environment that enhances the foreign investor experience.
The agreement will contribute to driving growth in the cryptocurrency sector and enhance the use of blockchain in the emirate of Dubai and the UAE, which will be an integral part of the UAE's blockchain strategy.
In cooperation with DAFZA, the Securities and Commodities Authority oversees the offering, issuance, listing and trading of crypto assets and licensing related financial activities within the jurisdiction of DAFZA.
The agreement also stipulates that the authority shall supervise, control, inspect and investigate entities operating in DAFZA and that have obtained a license or approval from the authority under this agreement.
Read More: Hope Consortium Uses Blockchain to Secure its Vaccine Supply Chain