Dubai has inched forward in its efforts for crypto adoption, with a freshly rolled out agreement between the Dubai Airport Free Zone Authority (DAFZA) and the UAE’s Securities and Commodities Authority (SCA).

Specifically, with the goal of developing the local crypto sphere in mind, DAFZA has reportedly greenlit crypto trading to occur, under an enacted legislation. 

Functioning as the overseer for financial markets throughout the UAE, the SCA will offer supervision for the offering, issuance, listing, and trading of crypto assets across the free zone. The SCA will additionally facilitate every required approval and licensing, for establishments looking to work with crypto. 

Having the signature of SCA Acting CEO Maryam Al Suwaidi and DAFZA Assistant Director-General Amna Lootah, the collaboration will reportedly give DAFZA the freedom to widen the scope of its business licenses and commercial activities within the free zone. 

Moreover, the alliance will reportedly give both entities more resources to make further contributions to complete the UAE’s national plans in a more effective manner. 

“The terms included in the agreement are set to establish a strategic partnership, which allows the provision of distinguished professional services while specifying the responsibilities and obligations of each of the two parties. It also provides reliable and timely support to each party regarding any matters falling within the scope of this agreement and sharing the best practices of relevant markets.” Al Suwaidi reportedly disclosed. 

Amna Lootah reportedly shared that widening the scope of licenses and services it offers will make it easier for DAFZA to reel in foreign investors.