- March 21, 2021
- Posted by: Anita Iyer
- Category: Blog
iOWN Group believes the move will lead to the development of the cryptocurrency ecosystem in Dubai.
In a move that is encouraging for businesses dealing with crypto assets, they can now obtain licenses offered by DMCC Crypto Centre in Dubai.
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise entered into a memorandum of understanding (MoU) with Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.
What does it mean?
The agreement will see businesses dealing with crypto assets gain access to bespoke licenses offered by the DMCC Crypto Centre, first-class customer service, a range of incentives, and the strong business regulatory framework developed by DMCC.
Working closely with DMCC’s onboarding teams, the SCA will issue approvals for crypto-related businesses looking to set up in DMCC. The SCA will subsequently regulate the crypto activities in line with their policies that were introduced in October 2020 to develop an integrated ecosystem for the crypto and blockchain industries. The agreement will foster growth within the sector and promote the development of blockchain applications in Dubai.
In line with DMCC’s #digital strategy, we have signed an MoU with @sca_uae to provide a regulatory framework for crypto-related businesses to operate through @dmcccrypto in Dubai. Read more: https://t.co/IoHN5TJT1G pic.twitter.com/mqEAGQSc0O
— DMCC (@DMCCAuthority) March 20, 2021
iOWN Group welcomes the move
As iOWN Group continues to tap into opportunities to utilize cryptocurrency and blockchain technology to fund real estate and business campaigns, the recent announcement by DMCC and the SCA will provide an impetus to our vision. This agreement will facilitate better adoption as it reinstates trust and confidence among the investors and businesses to associate themselves with platforms in the crypto space.
It is a beneficial move considering the growing interest in cryptocurrency and blockchain technology in the UAE and will help in creating a transparent and robust ecosystem. iOWN Group intends to use this move to further bridge the gap in the current investment system by leveraging the power of crowdfunding and blockchain.
iOWN Group is exploring the opportunity with KARM Legal to identify ways in which our ambitious ecosystem can benefit from this announcement. Our partner at UAE-based KARM Legal, Kokila Alagh, Founder and CEO of the firm says, ” The regulations read with the guidance pave the way for a very sophisticated ecosystem for crypto assets in UAE. It will boost UAE’s position as one of the most conducive jurisdictions for crypto asset activities with impeccable regulatory clarity in the Middle East and beyond.”
iOWN Token allows users to participate in the platform services to achieve their targeted investment goals, along with giving them access to various investment opportunities to grow their wealth. The token is available for trade on top cryptographic exchanges like LATOKEN and P2PB2B Exchange.
A positive development
With this agreement with the SCA, DMCC is expanding its current range of crypto assets licenses, which perfectly complement the existing business license options, said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC. “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.”
“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.”
This latest agreement builds on DMCC’s comprehensive strategies to promote technology-driven trade and to attract innovative companies to Dubai. In 2020, DMCC launched DigitalSugar, a blockchain-enabled trading platform for sugar, and the Agriota e-Marketplace, an agri-commodity trading and sourcing platform that uses blockchain to help bridge the gap between millions of rural farmers in India and the UAE’s food industry.