After Obtaining the Coveted Dubai DMMC License
All crypto companies established in the DMCC benefit from the DMCC’s business regulatory framework, which enhances the ease of doing business while maintaining robust governance and transparency.
DhabiCoin (DBC) has just been approved after a lengthy process to obtain the DMCC license, Dubai’s commodity-free zone, elected seven times in a row by the Financial Times fDI Magazine as “Global Free Zone of the Year.” By the end of 2021, the date of the DMCC’s last official UNLOCK report, the number of crypto entities registered with the DMCC was 151 companies, including blockchains like Huobi (2018) and Binance (2022) and cryptos like Ethereum and BNB.
The Dubai Free Zone has over 20,000 commodity companies today and celebrates a new record for the first half of 2022: The DMCC – the world’s leading Free Zone and the Dubai Government Authority on Commerce and Commodities Companies – recorded its best all-time performance on the market. In the first half of the year, it registered 1,469 new companies in the first six months of 2022. This represents a 19% increase over the same period last year. In June alone, the DMCC received 323 new businesses in its Free Trade Zone and commercial district, the best monthly performance since its inception. After a record 2021, in which the DMCC attracted 2,485 new members, the DMCC is now home to over 21,000 companies.
The Dubai Free Zone Multi Commodities Center (DMCC) is a place worth considering for cryptocurrency work in the UAE. The DMCC encryption license guarantees the legality of the company’s operation. Regal Assets was the first company to receive this license, offering its customers cryptocurrency cold storage. The regulation of cryptocurrency and blockchain projects in the UAE is carried out by the FSRA (Financial Services Regulatory Authority) about the ADGM (Abu Dhabi Global Market). This authority publishes guidance on cryptocurrencies. It also monitors blockchain businesses to ensure transparency and prevent money laundering and terrorist financing. Other authorities that may contribute to cryptocurrency regulations in the UAE in the future are the SCA (Securities and Commodities Authority) and the DFSA (Dubai Financial Services Authority).
DhabiCoin continues to develop and contribute to revolutionizing the world of cryptocurrencies.
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