The Dubai based Dubai Multi Commodities Centre has signed and agreed to enter upon an agreement with UAEs Security as well as Commodities Authority centre for empowering them for the crypto-based firms to resume in their operations from the free zone.
The firms “Offering, issuance, listing and trading crypto-assets” can establish up their businesses within the DMCC following the creation of a regulatory framework between the two entities.
The Executive chairman as well as chief executive of DMCC, Ahmed bin Sulayem, stated that: “The DMCC’s Crypto Centre will offer bespoke licences and a range of incentives to prospective businesses.”
Mr bin Sulayem further added that: “As we continue to make strides within the crypto and blockchain space, DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai.”
“Cutting-edge technologies are at the lead of our approach and they will perform an instrumental role in driving increased trade through Dubai in the future.”
The market regulator will also manage crypto happenings in line with rules issued the preceding year to administrate the industry and associated happenings.
The SCA will subject approvals for crypto-associated industries that are looking to operate up in the DMCC free zone.
The DMCC, which has several industries exchange in the metals and commodities space, the preceding year launched a blockchain-empowered trading platform for sugar.
The Agriota e-Marketplace, a service trading and sourcing platform, will support to bridge the financing break between rural farmers in India and the food sector in the UAE. The UAE Central Bank has yet to admit crypto or digital assets as legal tender in the UAE. The only legal tender in the nation is the UAE dirham.