In a move that is encouraging for businesses dealing with crypto assets, they can now obtain licenses offered by DMCC Crypto Centre in Dubai.
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise entered into a memorandum of understanding (MoU) with Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.
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What Does It Mean?
The agreement will see businesses dealing with crypto assets gain access to bespoke licenses offered by the DMCC Crypto Centre, first-class customer service, a range of incentives, and the strong business regulatory framework developed by DMCC.
Working closely with DMCC’s onboarding teams, the SCA will issue approvals for crypto-related businesses looking to set up 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. The agreement will foster growth within the sector and promote the development of blockchain applications in Dubai.
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