Dubai Airport Free Zone Authority, or DAFZA, has reportedly made an agreement with the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE) to enable open crypto trading subject to specified regulations. Industry experts see this development as Dubai’s latest step forward towards mainstream crypto adoption.
As the standing financial markets supervisor in the entire UAE, the SCA is set to oversee the newly agreed crypto trading operations. This includes the issuance, listing, offering, and trading of the cryptos within DAFZA. On top of that, the SCA is also the one responsible for any necessary crypto-based company licensing or approvals.
Maryam Al Suwaidi, the acting CEO of the SCA, noted that the terms included within the newly-signed agreement aim to form a strategic partnership between the parties involved. The SCA CEO adds that it allows the delivery of outstanding professional services while also clarifying the obligations and responsibilities of both the SCA and DAFZA.
As per the reports, the agreement was signed by Al Suwaidi and the Assistant Director-General of DAFZA, Amna Lootah, who claimed that the Free Zone’s expanding services and licenses provision ultimately aims to attract even more foreign investors.