Dubai Airport free zone is welcoming Crypto assets with a new SCA agreement. A new deal is formed between Dubai Airport free zone authority and the United Arab Emirates securities and commodities authority or SCA.
Dubai can take another step in embracing Cryptocurrencies because of this agreement. Moreover, it is a move to grow the Crypto industry within the region. Thus DAFZA will now allow cryptocurrency trading under the established regulation.
SCA is the financial market supervisor across the UAE. It will oversee the offering issuance listing and trading of the Crypto assets within the free zone. It’ll also handle all the necessary approvals and licensing for companies regarding Crypto trading.
Maryam AI Suwaidi is the acting CEO of SCA. Amna Lootah is the Assistant Director-General of the DAFZA. According to local media reports, they both signed a partnership enabling DAFZA to expand its business licenses and commercial activities within the free zone.
UAE’s National plans
It has to be noted that the partnership will also enable the two parties to contribute to achieving UAE’s National plans more effectively.
Moreover, the terms in the agreement set to establish a strategic partnership. The partnership allows the provision of distinguished professional services by specifying the responsibilities and the obligations of the two parties.
It also gives reliable and timely support to each party regarding any matters falling within the scope of this agreement and sharing the best practices of relevant markets.