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Dubai Allows Crypto Businesses to Set Up in DMCC Freezone

Published 03/21/2021, 04:58 AM
Updated 03/21/2021, 05:00 AM
Dubai Allows Crypto Businesses to Set Up in DMCC Freezone

  • Dubai free zone to set up a regulatory framework for crypto firms.
  • The agreement will support the development of blockchain applications in Dubai.
  • In 2020, DMCC launched DigitalSugar, a blockchain-based trading platform.

An economic free zone in Dubai has opened for firms that are offering, issuing, listing, and trading cryptocurrency. In addition, Dubai is a city known for its technological, regulatory structure and crypto-friendly environment.

Dubai Free Zone to Set up Regulatory Framework for Crypto Firms

The Dubai Multi Commodities Centre (DMCC) has signed an agreement with the Securities and Commodities Authority (SCA). In order to allow licensing for firms that work with crypto assets. Moreover, the license will be provided by the specialized DMCC crypto center after being processed by the SCA.

In addition, the SCA will regulate the crypto activities in accordance with its policies that were presented in October. More so, it will develop a unified ecosystem for the cryptocurrency and blockchain industries.

In line with this, the agreement will help to foster growth within the sector. Also, promoting the development of blockchain applications in Dubai. Notably, Ahmed bin Sulayem, a CEO of DMCC explained that DMCC is expanding its current range of crypto-asset licenses through the agreement with the SCA.

Added to this, in early 2020, DMCC signed an agreement with CV VC and CV Labs. Moreover, the agreement will bring the blockchain and crypto technologies ecosystem together in Dubai.

Sulayem said,

“As we continue to make strides within the crypto and blockchain space, the DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai.”

Furthermore, in 2020, DMCC launched DigitalSugar. Moreover, it is a blockchain-based trading platform for sugar and the Agriota e-Marketplace. However, the platform was launched to bridge the gap between millions of rural farmers in India and the UAE’s food industry.

This article first published on coinquora.com

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