UAE-based commodity marketplace Dubai Multi Commodities Centre (DMCC) is all set to support cryptocurrency businesses with its recent collaboration with the Securities and Commodities Authority (SCA).
The DMCC-SCA memorandum of understanding (MoU) will facilitate the creation of a regulatory framework for firms offering, issuing, listing, and trading crypto assets in DMCC.
Businesses dealing with crypto assets can now have dedicated licenses by the DMCC Crypto Centre along with first-class customer service, several incentives as well as a robust business regulatory framework developed by the centre.
SCA team will work closely with the DMCC onboarding teams to ensure compliance by the new entities towards the crypto activity regulations introduced last October to facilitate an integrated ecosystem for the crypto and blockchain industries.
The collaboration between DMCC and SCA is expected to drive growth within the sector and promote the development of blockchain applications in Dubai.
“Through this agreement with the SCA, DMCC is expanding its current range of crypto assets licenses, which perfectly complement the existing business license options. In early 2020, we signed an agreement with CV VC and CV Labs, a Swiss Government-supported initiative that will bring the world’s leading blockchain and cryptographic technologies’ ecosystem 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.”
“As we continue to make strides within the crypto and blockchain space, 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. By working with SCA, we are able to extend the centralized supervision of the crypto market to our business district in the heart of Dubai, bolstering its standing as a hub for crypto assets.”
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.