Dubai Multi Commodities Centre (DMCC), a government-initiated department to promote trade and commerce in Dubai issued the first of its kind, cryptocurrency trading license to the Dubai based gold trader Regal RA DMCC, a subsidiary of Regal Assets Inc.
It started in the year 2002 and is currently the fastest growing zero tax zone in the UAE. A whopping 14,100 companies and startups call DMCC as their headquarters and it provides employment to approximately 90,000 professionals.
The free economic zone started issuing licenses to cryptocurrency firms to expand its spectrum. Its executive director for commodities, Sanjeev Dutta said that they are encouraging new business to use cryptocurrencies. He also says,
“To me, what is important is the fact that you are still evaluating it as part of your innovation strategy…… you are exploring, so you are clearly ahead of the others when the time to make a decision comes.”
Ahmed Bashir, a blockchain developer working out of Dubai says,
“Japan and now UAE is another country that is being open to the blockchain and cryptocurrency world. Great things to come. I think we will very soon see heavy investments coming out of UAE nations”
DMCC is a member of the global blockchain council, announced by Dubai Future Foundation to discuss the current and future applications of blockchain technology. The council has a total of 42 organizations as its members.
The Centre’s Director of innovation hub, Franco Bosoni, says,
“DMCC’s view is that these [virtual currencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.”
Regal assets acquired its license to start cryptocurrency operations in DMCC. The company added cryptocurrency services to their list in the last leg of 2017 and claims to provide brokerage, high-security storage solutions to Bitcoin, Ether, Bitcoin Cash, Ethereum Classic, Ripple, and Dash.
DMCC’s executive chairman Ahmed Bin Sulayem says,
“At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers”
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