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Monday, January 24, 2022

Trading of cryptocurrency assets: DAFZA signed agreement with SCA

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The Dubai Airport Free Zone Authority (DAFZA) consented to an arrangement with the Securities and Commodities Authority (SCA) on Wednesday to help the regulation, offering, issuance, posting and trading of crypto resources inside the freezone.

The agreement permits organizations trading with crypto resources for be authorized inside DAFZA, with SCA giving the significant endorsements and licenses.

SCA will manage the contribution, issuance, posting and trading of crypto resources and authorizing related monetary exercises inside the ward of DAFZA.

The agreement additionally specifies that the authority will administer, control, assess and explore elements working in DAFZA and that have acquired a permit or endorsement from the authority under this agreement.

Both DAFZA and SCA will likewise share best practices and offer specialized help to one another to more readily comprehend current monetary systems.

“DAFZA is constantly attempting to draw in foreign investors through growing the extent of its licenses and services. The free zone has over 25 years of high certainty and trust inside the worldwide business local area, which is hoping to build up or extend its business and business exercises in DAFZA,” said Amna Lootah, assistant director-general of DAFZA.

Recently, another freezone in Dubai, the Dubai Multi Commodities Center (DMCC), opened another crypto focus. Organizations managing crypto resources would now be able to acquire bespoke licenses at the DMCC Crypto Center. The DMCC too marked a MoU with the SCA to foster an administrative system for organizations offering, giving, posting, and trading crypto resources in DMCC. The SCA will give endorsements for crypto-related organizations trying to set up themselves in DMCC.


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