UAE Supports Crypto Activities in Dubai Free Zone

by in Cryptocurrency News

UAE crypto Dubai free zone

Regulatory bodies of the United Arab Emirates say yes to crypto uses like offering, listing,selling, and buying in the Dubai free zone. These areas, also called free trade zones, are economic areas that allow trading goods and services generally at tax-free and custom rates.

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Dubai World Trade Centre Authority revealed having built an agreement with the Securities and Commodities Authority to form a structure for the proceedings. Thus, DWTCA will release authorizations for crypto operations.

As mentioned in the release, the acting Chief Executive Officer of SCA, Maryam Al Suwaidi said the step coincides with the DWTCA's objectives to widen its services as a free zone and promote emerging techno solutions like NFTs.

Suwaidi added that having digital-led economic vision, DWTCA supports businesses connected with blockchain and crypto. Earlier, in spring, UAE Minister of Economy announced that the country's goals to grow its financial sector twice in 10 years include crypto and asset tokenization.

Emirates supports the latest technologies. The country’s government adopted blockchain to carry out transactions. Investors of the country are interested in crypto.

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A recent survey done by digital assets manager Nickel showed that institutional investors and wealth managers plan to increase their crypto holdings.