UAE signs agreement for crypto trading in Dubai
![Maryam Al Suwaidi and Director General of DWTCA ,Helal Saeed Almarri](https://i1.wp.com/gazettengr.com/wp-content/uploads/Maryam-Al-Suwaidi-and-Director-General-of-DWTCA-Helal-Saeed-Almarri.png)
The United Arab Emirates opened a new vista in its push for digital-led economy as it signed a deal to support and encourage trading of crypto assets with the Dubai World Trade Centre Authority (DWTCA).
UAE’s Securities and Commodities Authority signed the agreement with DWTCA on Wednesday.
Maryam Al Suwaidi, Acting CEO signed on behalf of the exchange body, while Helal Saeed Almarri, Director General of DWTCA signed for his organisation.
“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies,” Mr Almarri said, “Our agreement with the Securities and Commodities Authority will allow DWTCA to broaden its regulatory, licenses and services capabilities, in addition to extending the centralised supervision of the crypto market to our free zone.”
The agreement between these agencies empowers the the trade centre authority to issue approvals and licenses for financial transactions involving digital assets.
The securities body will handle regulatory oversight of the issuance, offering, listing, and trading of digital assets. It will also oversee the licensing of financial activities that fall within the DWTCA’s jurisdiction.
The approval of cryptocurrency trade by the Emirati government comes along with growing acceptance of cryptocurrency and trade among world governments.
Khaleej Times reported that in May, the Dubai Airport Free Zone Authority signed a similar agreement with the securities body. The report noted that Dubai’s freezone opened a blockchain-based exchange for sugar trading in 2020 and had the Bitcoin Fund listed on the Nasdaq Dubai exchange.
In September, El Salvador became the first country that formally adopted Bitcoin as its national currency and legal tender.
More from Peoples Gazette
![Anthony Joshua and Oleksandr Usyk](https://i1.wp.com/gazettengr.com/wp-content/uploads/Anthony-Joshua-and-Oleksandr-Usyk.png)
Sport
My fight with Anthony Joshua to end in first round: Usyk
A victory for Joshua on Saturday could see him fight against Fury in the near future.
![Martin Griffiths and Afghan refugees](https://i1.wp.com/gazettengr.com/wp-content/uploads/Martin-Griffiths-and-Afghan-refugees.png)
World
Medical supplies, fuel running out in Afghanistan: UN
The UN is to release $45 million to help prevent the collapse of Afghanistan’s healthcare system.
![Late Sani Abacha and President Muhammadu Buhari](https://i1.wp.com/gazettengr.com/wp-content/uploads/Late-Sani-Abacha-and-President-Muhammadu-Buhari.png)
Anti-Corruption
Buhari using $311 million Abacha loot to build Second Niger Bridge: Malami
Buhari is using the recovered $311 million stolen by the late Nigerian dictator, Gen. Sani Abacha, to construct the Second Niger Bridge, Abuja-Kano, and Lagos-Ibadan.
![Sunday Igboho and AGF Abubakar Malami](https://i1.wp.com/gazettengr.com/wp-content/uploads/Sunday-Igboho-and-AGF-Abubakar-Malami.png)
Rights
FG will appeal Igboho’s N20 billion human rights win, file fresh charges: Malami
The Buhari regime is considering filing fresh charges against Igboho’s N20 billion human rights win.
![Kaduna State Governor, Nasir El-Rufai and Minister of Interior, Ogbeni Rauf Aregbesola](https://i1.wp.com/gazettengr.com/wp-content/uploads/Kaduna-State-Governor-Nasir-El-Rufai-and-Minister-of-Interior-Ogbeni-Rauf-Aregbesola.png)
Rights
Govt’s failure to castrate, remove fallopian tubes of rapists fuelling sexual assault: Kaduna Assembly
Rapists in Kaduna have a field day as the law to castrate and remove fallopian tubes of offenders is not implemented, laments the Kaduna House of Assembly.
![Rivers State Governor Nyesom Wike, Lagos State governor, Babajide-Sanwo-Olu, and AGF Abubakar Malami.](https://i1.wp.com/gazettengr.com/wp-content/uploads/Rivers-State-Governor-Nyesom-Wike-Lagos-State-governor-Babajide-Sanwo-Olu-and-AGF-Abubakar-Malami..png)
Economy
VAT War: Buhari regime to sue Rivers, Lagos at Supreme Court
Buhari’s regime is considering suing the governments of Rivers and Lagos at the Supreme Court to end the VAT war “once and for all.”