Working closely with DMCC’s on-boarding 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.
DMCC – the flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has entered into a memorandum of understanding (MoU) with the Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC. 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.
This latest agreement builds on DMCC’s comprehensive strategies to promote technology-driven trade and to attract innovative companies to Dubai. In 2020, DMCC launched DigitalSugar, a blockchain-enabled trading platform for sugar, and the Agriota e-Marketplace, an agri-commodity trading and sourcing platform that uses blockchain to help bridge the gap between millions of rural farmers in India and the UAE’s food industry.