An economic-free zone has been opened in Dubai for any business that is listing, offering, issuing, or trading crypto.
The Dubai Multi Commodities Center (DMCC) started the collaboration with the Securities and Commodities Authority (SCA) to receive licensing for companies that work with crypto assets.
The license is provided by the specialized DMCC Crypto Center after a screening is done by the SCA.
“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,” commented DMCC CEO Ahmed bin Sulayem.
Dubai is known for having taken an interest in blockchain technology, even creating a national strategy in place to make the emirate “the first city fully powered by blockchain.”
The said free zone authority had previously started a deal with a Swiss incubator that has the role of bringing the ecosystem of leading blockchain and cryptographic tech to the area.
“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 disclosed.