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Companies trading with crypto assets can now obtain a business license at the Dubai Airport Free Zone Authority (DAFZA) in a new agreement that supports the mainstream use of blockchain technology.
The free zone agreed with the Securities and Commodities Authority (SCA) to allow the regulation, offering, issuance, listing and trading of crypto assets within DAFZA.
It will enhance the free zone’s regulatory framework and legislative environment in a bid to attract foreign investors.
It is the latest example of how aviation-facing businesses are adapting to the upheaval in global travel while at the same time Dubai looks at new ways of attracting foreign investors to establish operations in the emirate, writes Arabnews.
Moves to legalize full foreign ownership in some sectors of the UAE economy means that some free zones are also looking to adapt their business models.
“DAFZA is continuously working to attract foreign investors through expanding the scope of its licenses and services,” said Amna Lootah, assistant director-general of DAFZA. “Cryptocurrencies and crypto assets have moved from the stage of showing interest to direct investment, which have got acceptance and investments from key global companies. This will require us to keep pace with this transformation and to follow the new economic era,” she added.
The partnership comes as Dubai moves to embrace the rise of cryptocurrency and the blockchain technology.
The demand for cryptocurrencies and crypto assets is set to accelerate rapidly in the region, as global trading volumes continue to soar.
A record inflow of bitcoin to crypto-exchanges has been noticed since March 2020. On May 18, 22.9 thousand digital coins were transferred to cryptocurrency platforms in one hour.
