The DMCC has officially agreed to legalize crypto-related businesses in Dubai earlier today. It has entered into a memorandum of understanding (MoU) with the Securities and Commodities Authority (SCA). The aim is to establish a regulatory structure for businesses offering, listing, issuing, and trading crypto assets in Dubai. The MoU will confirm businesses trading with crypto assets and gain access to bespoke licenses. 

Approval for Crypto-Related Businesses in DMCC

After working closely with DMCC’s onboarding teams, in issuing approvals for crypto-related businesses. The SCA will subsequently manage the crypto activities in line with the policies that were introduced last year. The policies introduced back in October 2020 will develop and integrate the ecosystem for the crypto and blockchain industry.

The approval will foster growth within the sector and promote the development of blockchain applications in Dubai.

Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, “Through this agreement with the SCA, DMCC is expanding its current range of crypto assets licences, which perfectly complement the existing business licence 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.”

He further added that “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 centralised supervision of the crypto market to our business district in the heart of Dubai, bolstering its standing as a hub for crypto assets.”

Gratitude for the Regulatory Machinery

Dr Obaid Al Zaabi, CEO of SCA, expressed gratitude stating: “for the DMCC’s outstanding role in providing an infrastructure for developing and managing a prosperous commodities market and for taking the initiative to create a sophisticated environment for the crypto-asset industry.”

This latest agreement builds on DMCC’s comprehensive strategies to promote technology-driven trade and to attract innovative companies to Dubai.