The Dubai Multi-Commodities Centre (DMCC) signed an MoU with the SCA (Securities and Commodities Authority). The MoU allows crypto businesses to open their offices in the Free zone after receiving DMCC registered licenses. The strategic alliance intends to promote growth and improvement in this sector by introducing the world’s leading blockchain technology and crypto ecosystem to Dubai. DMCC was founded in 2002 as a government entity authorized to improve commodity trade flows in Dubai. Moreover, it includes more than 18,000 businesses from a broad range of sectors and industries.
The SCA will provide approvals for crypto-related businesses looking to establish in the free zones via operating closely with DMCC’s onboarding team. The companies will get bespoke licenses by DMCC to function in free zones. As per the MoU signed, SCA would regulate the crypto activities associated with its policies launched in October 2020. It is to develop a combined ecosystem for the crypto and blockchain industries. Moreover, the alliance strives to promote growth within the crypto sector and promote blockchain applications in Dubai.
Dubai’s DMCC Supports Crypto and Blockchain Technology
According to the executive chairman and CEO of DMCC, “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. It is a Swiss Government-supported initiative that will bring the world’s leading blockchain and cryptographic technologies ecosystem to Dubai”. He also contended that this agreement also develops the foundation for future collaborations in the crypto space. It is a significant step in launching the DMCC Crypto Centre to the market shortly.
Moreover, the MoU will play a vital role in allowing crypto businesses to set foot in Dubai’s free zone. DMCC has expressed its dedication and support towards the blockchain and crypto sector frequently. In August 2022, it founded a blockchain-based agri-commodity trading and sourcing platform in association with Indian firm CropData named Agriota E-Marketplace. Moreover, it connected millions of Indian rural farmers with the UAE food sector.
One of its primary goals involved providing the farmers with a competitive edge by availing of blockchain-powered solutions. Additionally, Agriota enabled Indian farmers to instantly connect with actors in the UAE’s food industry, like food processing companies, traders, and wholesalers. Moreover, by employing blockchain technology, DMCC intended to optimize the UAE’s food supply chain by availing standard products, like condiments, spices, vegetables, oilseeds, fruits, pulses, and cereals.
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