Bitcoin Adoption Continues: Cryptocurrency Trading Approved in Dubai

Dubai has literally and figuratively re-established itself as a city in a few decades. It grew from a small town in the desert to a huge metropolis in record time. It had established itself as an attractive destination for entrepreneurs and innovators and became the most important city of the United Arab Emirates (UAE) economically.

For years there have been plans to continue this line by embracing blockchain technology. In 2019 City officials already indicated that they had big plans to bring blockchain companies to the city and to become the first blockchain city in the world.

However, there were still a number of major obstacles. For example, the government of the United Arab Emirates was not yet completely convinced of the new technology and until recently the trading of crypto was even banned in Dubai.

Progress

This is now possible. Recently became known that the Dubai World Trade Center Authority (DWTCA) and the Securities and Commodities Authority (SCA) of the UAE agreed on new regulation for the trading of cryptocurrencies in Dubai.

It provides a new framework that allows the DWTCA to issue new licenses for its crypto financial activities. The SCA will be responsible for overseeing the new processes.

In essence, this means that the trade of cryptocurrencies made legal in parts of Dubai. Obviously this is good news for the city and for the crypto community. Finally, Dubai is able to continue their plans to become a global crypto hub.

Due to the attractive investment climate in the UAE and Dubai, it is not unlikely that many blockchain investors and companies will try to establish themselves in the city. Of course, the financial authorities are still somewhat reluctant, but the first step in the right direction has now been taken.

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