The MoU establishes a regulatory framework for the offering, issuance, listing, and trading of crypto assets on DMCC
The Securities and Commodities Authority (SCA) entered into a memorandum of understanding (MoU) with the Dubai Multi Commodities Centre (DMCC) to establish a regulatory framework for the offering, issuance, listing, and trading of crypto assets on DMCC, in line with the regulations that SCA introduced to develop an integrated ecosystem for this industry.
In accordance with the agreement, businesses dealing with crypto assets will gain access to DMCC’s Crypto Centre, customer services, in addition to the confidence in setting up companies that operate under the robust regulatory framework developed by DMCC.
The agreement will foster growth and integrity, promote the development of blockchain applications, and ensure that the DMCC allows crypto-related businesses to set up and operate from the world’s leading free zone, in the heart of Dubai.
On this occasion, Dr. Obaid Al Zaabi, CEO of SCA, expressed gratitude “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.”
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “Through this agreement with SCA, DMCC is expanding its current offering with a range of crypto-asset service providers that perfectly complement its existing business license options. This agreement also builds the foundation for our future partnerships in the crypto space and is a major step in the launch of DMCC’s Crypto Centre, which we will bring to the market in the very near future.”