Dubai Issues First License to Cryptocurrency Trading Firm

Source: Bitcoin.com

Dubai Multi Commodities Centre (DMCC) Free Zone is the largest and fastest growing free economic zone in the UAE, with zero percent personal and corporate income tax. There are more than 14,100 multinational corporations and startups in the DMCC. The DMCC just started issuing licenses that allow cryptocurrency trading firms to operate within its borders and the first company to receive one is Regal Assets, a multinational gold trader and storage provider that just recently included cryptocurrencies amongst its line of product.

The DMCC is taking a relatively accepting stance towards cryptocurrencies, as it states it will “beginning to facilitate” a cryptocurrency market, that they acknowledge is unregulated. Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority says they are “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries.

This is an interesting development and perhaps could lead to more cryptocurrency providers to consider moving its operations there. Dubai is already considered amongst the more technologically advanced and forward-thinking global cities. It seems like they want to make sure it stays that way by encouraging cryptocurrency and blockchain technology innovation to happen there.

Disclaimer: I’m a self-proclaimed crypto-noob and trying to learn every day. While I hope my information and commentary are helpful, please always rely on your own research before making any investment decisions.