Financial regulators in the United Arab Emirates (UAE) have reached an arrangement to officially enable and support crypto trading in an economic-free zone in Dubai.

The Dubai World Trade Centre Authority (DWTCA) reveals that it had signed an agreement with the Securities and Commodities Authority (SCA) of UAE to benefit from the regulation and trading of cryptocurrency assets in the DWTCA free zone.

The new creativity starts an agenda allowing the DWTCA to issue essential supports and licenses for financial activities associated with cryptos.

As per the deal of the agreement, the SCA too controls large crypto-related activities like issuance, listing, trading, and licensing procedures.

As per the announcement the agreement was signed by SCA and CEO Maryam Al Suwaidi, DWTCA director-general Helal Saeed Al Marri, along with an executive at the Dubai Department of Tourism and Commerce Marketing.

Al Suwaidi believed that the new project comes in line with the DWTCA’s assurance to increase its services as a free zone and provision new technologies such as nonfungible tokens. “As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies,” he added.