• Wed. Jun 7th, 2023

DMCC Grants License to DMCC for Operating With Virtual Currencies

Jul 22, 2021

Last year a summit was hosted by UAE’s free economic zone entity DMCC called the Davos Summit. Within this summit, DMCC informed that it has established business ties with the CV Labs and CV VC. The partnership was developed between the entities for the purpose of establishing a Crypto Valley in Dubai. It was proposed that the Crypto Valley will host an ecosystem comprising of distributed ledger, cryptography, and blockchain in Dubai.

There is a number of countries in the world that are presently adopting virtual assets though they had been resisting it for a long. UAE was also amongst those, which kept itself away from crypto for a very long time. However, since UAE is a global marketplace, therefore, the resistance could not even stop the crypto market to develop in the region. UAE also came to believe that it needed to explore the virtual currency industry.

It has been reported in the Dubai media that finally the initiation of the Crypto Valley project was announced in Dubai. It was reported in the press that for this purpose a license has been issued by DMCC to TREST Group, which is a company in Switzerland. This very Swiss company was also involved in the establishment of SIMBA Storage. The company has been issued the license for rendering crypto sale, purchase, trade, and exchange over-the-counter (OTC) services. The license will make sure that UAE is moving in the right direction of developing the promised world’s biggest Crypto Valley.

Evidently, this is the first of its kind license that has been issued in the UAE in respect of crypto trade services.

Ahmed Bin Sulayem, who is DMCC’s CEO and Executive Chairman commented that UAE always supports innovation. He said that for decades UAE has been busy allowing investors an opportunity to join a business-friendly location. He further stated that the objective of DMCC and its crypto partners is the same as that of the UAE itself. UAE is willing and ready to support crypto to the fullest irrespective of its size and kinds.

Meanwhile, CV Labs’s founder, Ralf Glabischnig, also said that he and his team are eager to develop the world’s biggest crypto eco-system in Dubai.

Before 2020, there was no such thing as a “crypto license” in UAE. None of the crypto exchanges were allowed to conduct any crypto-related activities physically in UAE. Resultantly, if such activities were conducted, they were treated as illegal and suspended immediately. Similarly, some of the banks in the UAE also wanted to become part of crypto by rendering crypto services. However, the UAE Government refused the banks that they will not be allowed to indulge in any crypto-related activities.

Yet the recent initiative ensures that when UAE does anything it does it with commitment and better than anyone. The international community and the entire blockchain community are also appreciating the UAE’s initiative

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