Crypto Businesses are now able to setup at DMCC in Dubai following SCA agreement.
Dubai taking an eager stand in #blockchain technology, the Dubai Multi Commodities Centre (DMCC) entered a memorandum of understanding (MOU) with Securities and Commodities Authority (SCA).
This MOU aims to form a governing structure to allow businesses to set up licenses to; trade, offer, issue and list #crypto assets in the #Dubai #freezone. This license request will be provided by #DMCC once reviewed by the SCA. The SCA will oversee and govern crypto activities that stand within the guidelines to form the blockchain ecosystem.
Two platforms launched in late 2020 were the first to take off in the city. DMCC founded DigitalSugar, a blockchain commerce platform for sugar commodities and the second, Agriota e-Marketplace, an e-market platform that was established to link Indian farmers with the UAE food industry.
DMCC progresses its digital blueprint and current crypto connections, projecting Dubai to be the first city to be mechanized by blockchain.
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “Through this agreement with the SCA, DMCC is expanding its current range of crypto assets licences, which perfectly complement the existing business licence options. In early 2020, we signed an agreement with CV VC and CV Labs, a Swiss Government-supported initiative that will bring the world’s leading blockchain and cryptographic technologies’ ecosystem to Dubai. This agreement also builds the foundation for our future partnerships in the crypto space and is a major step in the launch of the DMCC Crypto Centre, which we will bring to the market in the near future.”
This will further the expansion of the new, promising free zone and help advocate the advancement of the blockchain territory in Dubai, which will in turn bring cutting edge companies to the city.
To learn more about establishing a Crypto business in Dubai or the UAE, contact us today for a free consultation.
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