Dubai World Trade Centre Will Start Offering Crypto Payments

2021-09-23 00:30:47
The Dubai World Trade Center To Finally Adopt Crypto

In the latest crypto news, the Dubai World Trade Center Authority (DWTCA) announces that it will start to accept crypto payments. More specifically, the DWTCA will partner with the Securities and Commodities Authority (SCA) from the United Arab Emirates.

The purpose of this cooperation is to create a special zone inside the DWTCA. Specifically created so that customers can pay with cryptocurrencies.

In order to achieve this feat, the Dubai Trade Center will turn to the specialty of the Securities and Commodities Authority. More specifically, the skills that they have in the financial department. In particular, the SCA will assist the DWTCA with regulatory and supervisory services, as well as trading and listing all digital assets in the country.

That is in addition to the SCA being responsible for issuing licenses for operating in the jurisdiction of the DWTCA.

Moreover, the deal also makes the SCA the main inspecting body. Especially when it comes to detecting irregularities of any operators in the DWTCA crypto zone. And even more important, the SCA should also provide the guidelines and a unique protocol of conduct. That is so that the DWTCA can later use it for issuing licenses, approvals, and monitoring any crypto-operations.

Dubai Follows The Crypto Trend

The news that the Dubai World Trade Center Authority will start to accept crypto payments is definitely not a surprise. Especially if you take into account that a list of countries are currently in the process of integrating crypto at some aspect of society.

El Salvador is already there, Panama and Ukraine are on the brink of legalizing digital assets. Even India is pondering similar steps. Even more after receiving a huge support from a list of government officials. Hence, Dubai leading the way is something that we definitely expect from a leading country in the UAE.

Here is what the general director of the DWTCA and DTCM (Dubai Department of Tourism and Commerce Marketing) had to say on the new deal with the SCA.

Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities. In addition to extending the centralized supervision of the crypto market to our free zone. With the rise of new technologies such as non-fungible tokens, set to play an important role in the future of commerce.  And building on the Future Blockchain Summit. DWTCA is also pursuing ways to offer a sustainable home for this ecosystem, in order to stay future-readyHelal Saeed Almarri | General Director of Dubai World Trade Center Authority (DWTCA) and Dubai Department of Tourism and Commerce Marketing (DTCM)

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