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Dubai Airport Free Zone (DAFZA) Cleared for Crypto Liftoff

Dafza,-SCA-sign-agreement-to-support-crypto-assets-trading
  • DAFZA has signed an agreement with SCA.
  • This new agreement enables firms to trade with crypto, licensed within DAFZA.

Dubai Airport Free Zone Authority (DAFZA) has signed an agreement with the Securities and Commodities Authority (SCA). In order to uphold the regulation, offering, issuance, listing, and trading of cryptocurrencies within the free zone.

Notably, Acting CEO of SCA Dr. Maryam Al Suwaidi, and Amna Lootah, Assistant Director-General of DAFZA have signed the agreements.

Al Suwaidi said,

The signing of the agreement confirms the two parties’ keenness to develop its cooperation in common areas of work, which contributes to achieving the objectives of the national agenda and the government’s strategy to enhance economic growth.

However, the new agreement enables firms to trade with cryptocurrencies that will be licensed within DAFZA. As the SCA will issue the relevant approvals and licenses. In addition, through this partnership, DAFZA has expanded its firm’s licenses and commercial activities that will be combined with the incentives and services the free zone offers.

This partnership enables a developed regulatory framework and flexible legislative environment that allows the foreign investor experience. Even more, the agreement will offer driving opportunities in the crypto sector. Also, enhance the use of blockchain in the emirate of Dubai and the UAE, which will be an integral part of the UAE’s blockchain methodology.

In cooperation with DAFZA, the SCA oversees the offering, issuance, listing, and trading of cryptocurrency and licensing-related financial activities within the jurisdiction of DAFZA.

Furthermore, the agreement also stipulates that the authority shall supervise, control, inspect and investigate firms operating in DAFZA. However, this obtained a license or approval from the authority under this agreement.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.