United Arab Emirates regulators allow cryptocurrency trading

TL;DR Breakdown The financial authorities of the United Arab Emirates have agreed to legalize crypto trading in the nation. This activity will be allowed within the Dubai World Trade Centre Authority free zone.It has also been agreed that the Securities and Commodities Authority will be responsible for the trading activities and technicalities. The United Arab Emirates financial regulators have officially approved cryptocurrency trading in Dubai’s economic free zone. The authorities are continuously making efforts by bringing more regulations to escalate crypto adoption in the country. On Wednesday, the Dubai World Trade Centre Authority (DWTCA) and the Securities and Commodities Authority (SCA) of UAE came together to allow cryptocurrency trading within DWTCA free zone by signing an agreement. The agreement between United Arab Emirates authorities According to the agreement, the SCA will oversee all the crypto-related arrangements and actions, like issuance, listing, and trading. The new action of the United Arab Emirates creates a framework allowing the DWTCA to bring needed regulatory licenses to set up cryptocurrency trading and financial activities. This action and deal strengthen UAE’s dedication to becoming a crypto-friendly international hub. The agreement was made in the presence of SCA’s Chief Executive Officer (CEO), Maryam Al Suwaidi. Helal Saeed Al Marri, the director-general at D...