The regulatory authorities of the UAE have determined the procedure for working with cryptocurrency. Now, investors are given the opportunity to trade and other cryptocurrency transactions within the DWTCA Free Zone – Dubai World Trade Center Authority.
An agreement has been concluded between DWTCA and SCA (Securities and Commodity Control Authority), the provisions of which will govern all activities related to cryptoassets. In accordance with the new agreement, areas of responsibility were distributed between representatives of departments and, in addition, a separate procedure was established for registering and regulating the work of a company operating in cryptocurrencies.
In addition, DWTCA expanded the list of commercial licenses, benefits and services, and assumed responsibilities regarding the issuance of permits for the implementation of cryptocurrency activities. As such, local organizations are now also eligible to obtain a license allowing cryptocurrency trading within the DWTCA Free Zone.
Duties and Responsibilities of SCA and DWTCA
The Dubai Mall, which brings together international operations, is a critical location for doing business in the Middle East. Listed as a free zone, which is under the control and management of DWTCA, it tries to stimulate commercial activity in every possible way, in particular, setting zero tax rates, giving complete freedom for the movement of capital, without setting any currency restrictions, simplifying the registration process and the like. The listed privileges are also available to those companies that are already operating in the cryptocurrency market, which provides an opportunity for Dubai to become a launching pad for firms to enter the international level.
SCA representatives will oversee and from time to time audit the operation of companies in the DWTCA Free Zone. In fact, these functions are classic for the regulator, which is the SCA. In addition, the SCA is also responsible for providing adequate investor protection, creating an enabling environment for investment, and guaranteeing market transparency.
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