Dubai Multi Commodities Center (DMCC) Freezone is a center of Global trade responsible for issuing different types of Licences for trading activities, especially in the sectors of commodities, Gold, Precious stones, Base Metals, Tea, Coffee, Cacao, Crypto, etc.
DMCC 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 licences offered by the DMCC Crypto Centre, first-class customer service, a range of incentives, and the strong business regulatory framework developed by DMCC.
The SCA will be responsible for issuing approvals for crypto-related businesses looking to set up in DMCC and receive their Crypto License in Dubai. The SCA is the official regulator for the crypto activities in DMCC, regulating in line with their policies to develop an integrated ecosystem for the crypto and blockchain industries.
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Crypto firms will also benefit from DMCC’s business regulatory framework, which increases the ease of doing business whilst upholding robust governance and transparency
DMCC has a strong track record of using cryptographic and distributed ledger technologies, with their blockchain-enabled agro commodities trading platform, Agriota, connecting farmers in India with consumers in the UAE, and the Digital Sugar platform utilising blockchain for the international trading of sugar. DMCC signed an agreement with CV Labs and CV VC in 2020 to support the development of a leading crypto ecosystem in Dubai.
In February 2021, DMCC’s Executive Chairman and CEO, Ahmed Bin Sulayem, became a member of CV VC’s advisory board. The DMCC Crypto Centre will also house a leading crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley, which has previously spawned Crypto leaders such as Cardano and Ethererum. The DMCC Crypto Centre will offer co-working spaces to crypto entrepreneurs and SMEs and a range of incubator and accelerator programmes, all within the DMCC’s vibrant Jumeirah Lake Towers district, in the heart of Dubai.
DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai. Cutting-edge technologies are at the forefront of our strategy and they will play an instrumental role in driving increased trade through Dubai in the future.
If you wish to discuss the many benefits of setting up a DMCC Crypto Company, or any other legal entity, feel free to contact us.
For Support and assistance on a DMCC Crypto Business Setup Get in Touch with our Corporate Team Today on +971 4 221 2602 or [email protected]