Cryptocurrency Businesses can open offices within DMCC Freezone

April 26, 2021by Admin0
Crypto

Crypto assets businesses can obtain bespoke licenses from the DMCC Crypto Centre in Dubai.

The Dubai Government Authority relating to commodities, trade license, and enterprise and DMCC Freezone signed a Memorandum of Understanding (MoU) with the SCA (Securities and Commodities Authority) to launch a regulatory framework for businesses using crypto assets in DMCC.

SCA will approve crypto-related businesses and in that way try to establish themselves in DMCC. SCA will also control the crypto activities according to their policies introduced in October 2020. This policy is supposed to develop a plush ecosystem for both crypto and blockchain industries.

DMCC launched DigitalSugar and Agriota e-marketplace in 2020, which uses blockchain to minimize the gap between rural farmers in India and the food industry in UAE. The MoU will increase the blockchain applications in Dubai. The agreement builds the base for future growth of the crypto businesses and is a major step on the DMCC Crypto Centre launch.

Related Services: General Corporate and Commercial Advisory, Fintech Legal Services, Company Formation, UAE Startup Services

Source: https://www.dmcc.ae/news/crypto-businesses-now-able-set-dmcc-dubai-following-sca-agreement

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