On Wednesday, the Dubai World Trade Center Authority (DWTCA) announced an official agreement with UAE’s Securities and Commodities Authority (SCA) to facilitate the regulation and trading of crypto assets within the DWTCA free zone.

It creates a framework to allow the DWTCA provide licenses, approvals, and other necessary documentation for crypto-related activities. This allows the SCA, which is responsible for overseeing crypto-related activity such as trading, issuance and licensing, to be empowered.

Maryam Al Suwaidi (acting CEO of SCA and DWTCA director general Halel Saeed al Marri) and an executive from the Dubai Department of Tourism and Commerce Marketing endorsed the agreement.

Al Suwaidi said that the initiative was in keeping with DWTCA’s pledge to make its services free and promote new technology innovations like non-fungible tokens.

Dubai’s drive to be a modern, digital-led city is continued by DWTCA. They are looking for businesses that use blockchain and cryptographic tech.

In May, the SCA entered into a similar agreement with Dubai Airport Free Zone Authority to promote the growth of digital currency. It consolidates UAE’s increasing commitment to crypto-friendly communities.

The UAE’s Minister Of Economy Abdulla Bin Touq Al Marri had declared in April that tokenization of assets and digital currencies would be essential to the country’s plans to double its economy over 10 years.

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