Businesses dealing with crypto assets can now obtain bespoke licences offered by the DMCC Crypto Centre in Dubai.
The DMCC freezone and Government of Dubai Authority on commodities, trade and enterprise signed an MoU with the the Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.
Working closely with DMCC’s onboarding teams, the SCA will issue approvals for crypto-related businesses seeking to establish themselves in DMCC.
The SCA will subsequently regulate the crypto activities in line with their policies that were introduced in October 2020 to develop an integrated ecosystem for the crypto and blockchain industries.
In 2020, DMCC launched DigitalSugar, a blockchain-enabled trading platform for sugar, and the Agriota e-Marketplace, an agri-commodity trading and sourcing platform that uses blockchain to help bridge the gap between millions of rural farmers in India and the UAE’s food industry.
In line with DMCC’s #digital strategy, we have signed an MoU with @sca_uae to provide a regulatory framework for crypto-related businesses to operate through @dmcccrypto in Dubai. Read more: https://t.co/IoHN5TJT1G pic.twitter.com/mqEAGQSc0O
— DMCC (@DMCCAuthority) March 20, 2021
The latest MoU with the SCA is expected to promote the development of blockchain applications in Dubai.
“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,” said Ahmed bin Sulayem, executive chairman and CEO of DMCC.
“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 forefront of our strategy and they will play an instrumental role in driving increased trade through Dubai in the future.
“By working with SCA, we are able to extend the centralised supervision of the crypto market to our business district in the heart of Dubai, bolstering its standing as a hub for crypto assets.”
In related cryptocurrency news from the region, the Central Bank of Bahrain (CBB) recently issued cryptocurrency exchange, CoinMENA, with a “Crypto Asset Services Company License – Category 2”. CoinMENA is Sharia-compliant exchange, certified by the Shariyah Review Bureau. CoinMENA’s services will initially be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait and Oman.