Monday, October 25, 2021

UAE signs agreement for crypto trading in Dubai

The agreement between these agencies empowers the the trade centre authority to issue approvals and licenses for financial transactions involving digital assets.

• September 22, 2021
Maryam Al Suwaidi and Director General of DWTCA ,Helal Saeed Almarri
Maryam Al Suwaidi and Director General of DWTCA, Helal Saeed Almarri

The United Arab Emirates opened a new vista in its push for digital-led economy as it signed a deal to support and encourage trading of crypto assets with the Dubai World Trade Centre Authority (DWTCA).

UAE’s Securities and Commodities Authority signed the agreement with DWTCA on Wednesday.

Maryam Al Suwaidi, Acting CEO signed on behalf of the exchange body, while Helal Saeed Almarri, Director General of DWTCA signed for his organisation.

“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies,” Mr Almarri said, “Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralised supervision of the crypto market to our free zone.” 

The agreement between these agencies empowers the the trade centre authority to issue approvals and licenses for financial transactions involving digital assets.  

The securities body will handle regulatory oversight of the issuance, offering, listing, and trading of digital assets. It will also oversee the licensing of financial activities that fall within the DWTCA’s jurisdiction.

The approval of cryptocurrency trade by the Emirati government comes along with growing acceptance of cryptocurrency and trade among world governments.

Khaleej Times reported that in May, the Dubai Airport Free Zone Authority signed a similar agreement with the securities body. The report noted that Dubai’s freezone opened a blockchain-based exchange for sugar trading in 2020 and had the Bitcoin Fund listed on the Nasdaq Dubai exchange.  

In September, El Salvador became the first country that formally adopted Bitcoin as its national currency and legal tender.

More from Peoples Gazette

Faith

Nigeria will end if Buhari declares bandits as terrorists: Sheikh Gumi

The cleric warned that the moment bandits are designated as terrorists, “Islamic for that matter, the direct foreign Jihadist movements will set in in force.”

NationWide

Bandits: Buhari should declare state of emergency, says Masari

“The federal government should declare a state of emergency on the nation’s security. Our major problem in Katsina state is the security challenges.”

Uncategorized

Sudanese soldiers seize power in overnight military coup

Prime Minister Abdalla Hamdok and five cabinet members of the ruling Transitional Sovereignty Council were taken into custody on Monday morning, per local media.

APC members holding party flag

Politics

Congress: Appeal committee to hear petitions from Lagos APC factions

The crisis rocking the Lagos APC took another turn on October 16 with different aggrieved groups holding parallel state congresses in the state.

Barca vs Real Madrid

Sport

Real Madrid banish Barca to mid-table lounge with El Clasico win; Koeman unfazed

But Barcelona manager Ronald Koeman said his side was not inferior to Real Madrid on the night after losing 2-1 in the El Clasico match.

Maria and Cubana Chief Priest

Showbiz

Cubana Chief Priest calls out BBNaija’s Maria for stealing sister’s husband

The celebrity bar man said the reality TV star stole his sister’s husband and was still threatening her.