Dubai Airport Free Zone Authority (DAFZA) signed an agreement with the Securities and Commodities Authority (SCA) on Wednesday to support the regulation, offering, issuance, listing and trading of crypto assets within the freezone. The agreement allows companies trading with crypto assets to be licensed within DAFZA, with SCA issuing the relevant approvals and licenses. SCA will oversee the offering, issuance, listing and trading of crypto assets and licensing related financial activities within the jurisdiction of DAFZA. The agreement also stipulates that the authority shall supervise, control, inspect and investigate entities operating in DAFZA and that have obtained a licence or approval from the authority under this agreement. Both DAFZA and SCA will also share best practices and offer technical support to each other to better understand current financial systems.
Earlier this year, another freezone in Dubai, the Dubai Multi Commodities Centre (DMCC), opened a new crypto centre. Businesses dealing with crypto assets can now obtain bespoke licences at the DMCC Crypto Centre. The DMCC too signed an MoU with the SCA to develop a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC. The SCA will issue approvals for crypto-related businesses seeking to establish themselves in DMCC.