21.10.2021

Arab Emirates legalized cryptocurrency investments in Dubai

The Dubai World Trade Center is one of the key and most important business locations in the Middle East. The free zone, under the jurisdiction of DWTCA, offers powerful business incentives such as zero taxes, freedom of capital movement, no currency restrictions, simplified registration, no restrictions on the hiring of foreign personnel, and more.

Similar benefits will also be available to cryptocurrency companies, which will allow Dubai to be used as a launching pad to enter the local or international market.

SCA will oversee, monitor and periodically review the activities of DWTCA Free Zone organizations. In fact, these are the classic functions of the regulator, which SCA is. Like any other regulator, SCA takes on tasks related to protecting the rights of investors, creating an attractive environment for investment in cryptocurrency and ensuring transparency of the new market.

“SCA will be responsible for regulating the market and overseeing the issuance and trading of cryptocurrency assets. The SCA will also monitor the activities of licensed companies operating in the DWTCA Free Zone and, if necessary, investigate such activities, ”said Acting Chief Executive Officer of SCA Maryam Al Suwaidi.

  • Regulatory authorities of the United Arab Emirates have determined the procedure for working with cryptoassets.
  • Investors can now trade and conduct related activities in cryptocurrency assets within the DWTCA Free Zone.

According  to Emirates News, the Dubai World Trade Center Authority (DWTCA) and the Securities and Commodities Authority (SCA) have entered into an agreement that will regulate activities related to cryptocurrency assets .

The new agreement distributes areas of responsibility between departments and establishes the procedure for registering and regulating the activities of companies from the field of circulation of digital assets.

DWTCA is expanding the list of available business licenses, services and benefits and will be responsible for issuing permits for crypto-related activities. This means that local companies will be able to obtain a license giving them the right to trade cryptocurrencies and conduct related activities in the DWTCA Free Zone.

“Dubai continues to move towards innovation and the digital economy. DWTCA is committed to providing support to companies focusing on blockchain and cryptography. We want to become a hub for such technologies in order to prepare for the future in a timely manner, ”said Helal Said Al Marri, CEO of DWTCA.

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