UAE Allows Crypto Businesses to Set up in Dubai’s New Free Zone

Published March 21st, 2021 - 08:30 GMT
UAE Allows Crypto Businesses to Set up in Dubai’s New Free Zone
The licenses will be offered by the specialized DMCC Crypto Center after being screened by the SCA, state news agency WAM has reported. (Shutterstock)
Highlights
The move comes as Dubai takes a keen interest in blockchain technology
An economic-free zone in Dubai has opened for businesses that are offering, issuing, listing, and trading crypto assets.

The Dubai Multi Commodities Center (DMCC) signed the initial agreement with the Securities and Commodities Authority (SCA) to allow licensing for firms that deal with crypto assets.

The licenses will be offered by the specialized DMCC Crypto Center after being screened by the SCA, state news agency WAM has reported.

“As we continue to make strides within the crypto and blockchain space, the DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai,” DMCC CEO Ahmed bin Sulayem said.

The move comes as Dubai takes a keen interest in blockchain technology, with a national strategy in place to make the emirate “the first city fully powered by blockchain.”

The free zone authority earlier signed a deal with a Swiss incubator that will bring the ecosystems of leading blockchain and cryptographic technologies 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,” Sulayem said.


Copyright: Arab News © 2021 All rights reserved.

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