The United Arab Emirates' Securities and Commodities Authority (SCA) has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) to support regulation of cryptocurrencies within DWTCA's free zone, ArabianBusiness.com reports.
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With the agreement, DWTCA could expand business licenses, services and incentives. SCA, in turn, will handle the regulatory oversight of the crypto turnover under DWTCA's jurisdiction. Helal Saeed Almarri, Director General of DWTCA, says the region wants to offer a "sustainable home" for crypto-related ecosystem.
In July last year, Dubai Department of Economic Development (DED) and Emirates NBD, Dubai government-owned bank, launched a joint blockchain-based platform for Know Your Customer verifications. The so-called UAE KYC Blockchain Platform is designed on securing digital customer onboarding, instant bank account functionality and sharing of verified KYC data between banks.
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