The move comes as part of an MoU signed between DMCC and the Securities and Commodities Authority.
Crypto firms can now be established in the Dubai MultiCommodities Centre (DMCC), an economic free zone that focuses on enterprise and commodities trade. Businesses that deal with crypto assets can acquire licences through the DMCC Crypto Centre, thanks to an MoU signed by the Securities and Commodities Authority (SCA).
"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," said Executive Chairman and CEO of DMCC, Ahmed bin Sulayem. "By working with the SCA, we are able to extend the centralised supervision of the crypto market to our business district in the heart of Dubai, bolstering its standing as a hub for crypto assets."
Through the DMCC's agreement with CV VC and CV Labs, and their work with the SCA, Dubai is expected to develop additional partnerships in the crypto sphere. The move will certainly accelerate Dubai's movement in the crypto and blockchain space and it is hoped that it can evolve as a hub for crypto assets.
Learn more about DMCC here.