After the latest contract between the chiefs of the DSCA (Dubai-Securities-and-Commodities-Authority) and the DWTCA (Dubai-World-Trade-Centre-Authority) to formally allow the use of cryptocurrency in the free-trade-zone, now, Dubai will come to be the city having the topmost adoption of crypto throughout the middle-east region. The announcement has been made as a result of an establishment of comprehensive regulatory laws regarding cryptocurrency, as a significant majority have adopted crypto in Dubai since 2021. A vast scope of commercial operations, including hotel bookings, everyday shopping expenses, and medical services, have been accepting crypto in return.
An approachable atmosphere for business as well as advantageous laws has paved the way toward the privileged progress of the city due to cryptocurrency, which is presently responsible for more than Dh90 billion after the latest 1375 companies have been registered. Additionally, the venture continues to allure global investors. The CEO of SCA “Al Suwaidi” stated that the contract is made as a response to the directives given by the Chairman of SCA and the Economy Minister named Abdulla-bin-Touq-Al-Marri, to improve collaboration and transfer expertise along with knowledge among several institutions, authorities, and departments of the government for working mutually to accomplish joint goals.
The responsibility of SCA will be to supervise and regulate the listing, trading, issuing, and offering of crypto assets, in addition to overseeing licensing-related issues of financial operations being linked with those assets within the boundaries of the free zone DWTCA. The supervision, investigation, and control of the licensed bodies operating within the respective free zone also come under the “course-of-action” of the SCA. Previously in June, Dubai displayed the initial signs regarding the green light for the crypto’s regulatory approval after it registered Bitcoin Fund, which was owned by “3iQ corp” (a Canadian-based firm for virtual asset management) on the exchange thereof and became the earliest country doing so across the Middle-East.
Soon in October, the State will, for another time, receive Web3.0 and global blockchain investors gathering for the WEB3 summit, which is conducted yearly. However, Dubai does not count as the sole nation in the whole MENA region, which is moving towards crypto. Israel has also launched the testing of its digital shekel via the Ethereum network. More than $100 million were allocated for GBTC by Altshuler Shaham (the largest Jewish company for insurance). After the downfall of the democratic government in Afghanistan, numerous citizens are moving towards crypto to withstand the turmoil, and the nation got placed at 20th rank for crypto adoption throughout the globe, as per Chainalysis.