Dubai Mercantile Exchange issues cryptographic currency business license

nRunaway Comment: DMCC, the largest free economic zone in the UAE In order to attract cryptocurrency firms and further develop the local cryptocurrency market, DMCC has now started offering to emerging start-ups in this area in this free zone Business license. At the same time, the relevant local regulatory work is also under way, which also makes the development of cryptocurrencies in the UAE more worth the wait.n
nTranslation: Inan
Attract crypto currency businessesn
The Dubai Multi Commodities Trading Center (DMCC) is a government entity established in 2002 to promote Dubai’s trade flows of goods. The DMCC Free Zone is the largest and fastest-growing free economic zone in the UAE.n
The center freed the company from personal and corporate income taxes. Its website states: “We play a series of roles dedicated to making Dubai the premier destination for global merchandise trade and making DMCC the world’s premier free-zone.” Today, it has more than 14,100 multinationals and start-ups, and nearly 90,000 live and work there.n
According to a Thomson Reuters report on Monday, the center has started licensing to allow companies trading cryptocurrencies to operate in their free zones.n
Sanjeev Dutta, executive director of commodities at DMCC, told Thomson Reuters the center is “starting to push” the cryptocurrency market, though he admits the market is unregulated. He said DMCC will consider each company hoping to develop its business in the region.n
n”For me, it’s important that you treat it as part of an innovation strategy that is not about a total negation or affirmation, but about exploration, so that when it’s time to make a decision, you’re obviously ahead of the rest. “n
Think of encrypted currency as a commodityn
DMCC is a member of the Global Blockchain Council, an initiative of the Dubai Smart City project initially with 46 member organizations around the world. Franco Bosoni, director of DMCC’s Innovation Center, said global consensus is tending to classify cryptocurrencies as commodities. He explained:n
“DMCC considers these cryptocurrencies to be in line with the notion of commodities, whose pricing is based on supply and demand, is produced and sold globally at a uniform quality, and is as unique as the product.”n
Wai Lum Kwok, head of capital markets for Abu Dhabi’s global markets financial services regulator, said on Sunday that the regulator is “reviewing and considering a strong regulatory framework for risk-weighting for cryptocurrencies and exchanges.” He also pointed out:n
n”In developing this framework, we also want to have a dialogue with regulators in the United States, Japan and other countries to form a coherent way of avoiding any regulatory arbitrage.”n
Issue the first licensen
It is reported that the first such permit in the free zone was distributed to Regal Assets, a gold trader and storage provider with offices in the United States, Canada and the UAE. Late last year, the company added cryptocurrencies to its product line to provide brokerage services and highly secure cold storage services for bitcoin, ethernet, bitcoin cash, Ethereum Classic, Reborn and Dartcoin.n
According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to obtain a cryptocurrency trading license.” DMCC acknowledged in a statement: “The company will store bitcoin, etheric cryptocurrencies At the DMCC headquarters vault in Almas Tower, Dubai. “n
According to reports, Ahmed Bin Sulayem, DMCC’s Executive Chairman, said, “DMCC’s strategy for long-term growth is centered on the use of technology and innovation to subvert and connect new markets, industries and customers and is reflected in today’s statement. “n

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