Breaking News
Investing Pro 0
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started

Dubai Allows Crypto Businesses to Set Up in DMCC Freezone

Published Mar 21, 2021 04:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
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

Continue reading on CoinQuora

Dubai Allows Crypto Businesses to Set Up in DMCC Freezone
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email