Dubai Issues License to Cryptocurrency Firm

Dubai Issues License to Cryptocurrency Firm

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Attracting Crypto Businesses

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:

To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.

Cryptocurrencies as Commodities

DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:

DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.

Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:

As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.

First License Issued

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe first license for the Free Zone reportedly went to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.

Images courtesy of Shutterstock and DMCC.

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PR: Dr. Moe Levin Joins Advisory Committee at Energy Platform 4NEW

Dr. Moe Levin Advices Energy Platform 4NEW

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

LONDON – With energy consumption of each bitcoin transaction equal to 17.5 U.S household’s daily consumption as of January 31, 2018, sustainability and feasibility of cryptocurrencies has been fiercely debated by both proponents and skeptics alike.

4NEW’s elegant and efficient end to end solution, figuratively, enables blockchain to have its own battery pack with global and scalable ramifications. In an environment where conventional power providers are shrugging away from crypto mining operators as witnessed earlier this week by Bitmain. Additionally, Chinese power plants are also scathing away from crypto mining operations amid regulatory pressures. Given the lack of options to sustain crypto mining globally, one company, 4NEW, has decided to usher in a new era for cryptocurrencies by providing all its power output to crypto-mining farms.

The 4NEW business model is entirely disrupting the traditional utilities company, which is bogged by bureaucracy and governmental roadblocks. Mr. Saransh Sharma, CEO of Mirach Capital Group commented “Its important to note that 4NEW’s launch of the KWATT Coin last year is literally placing the power in the hands of the people. 4NEW is not an exchange claiming to be backed by energy units produced and supplied by others. 4NEW is the producer of energy and therefore, we generate the electricity, that we own and consequently can use to embed the coin with. Our model removes all middle men from the equation.”

4NEW is anticipated to complete the installation of its first plant in June 2018; 6 months earlier than previously anticipated. This lead time certainly enables 4NEW to maintain a first mover advantage towards standardizing transaction fees. This standardization of fees will not only enable cryptocurrencies to usher in a new era of mainstream utilization amidst volatile markets but also sustain global scalability.

To guide 4NEW through these unchartered territories Dr. Moe Levin has been announced as the most recent addition to the noteworthy advisory board. Dr. Moe Levin is the Chief Executive Officer (CEO) of Keynote, founder of the North American Bitcoin Conference, an investor in high-tech startups, and an advisor to governments, regulators, banks, and venture-backed companies.

Some of the projects he has been involved with include The Global Blockchain Council in Dubai (2015 – present) , the harmonized VAT treatment of Bitcoin (2013), The OECD Working Party 9 (2013-2014).

Moe is also the co-founder of the first accredited Blockchain Academy, and an early investor in RSK Labs, Labfresh, Dropbox, and others. Prior to founding Keynote, Moe was responsible for launching one of the first venture-backed bitcoin startups which raised $30m from Richard Branson, Index Ventures and others.

At 4NEW we look forward to utilizing Dr. Levin’s deep insight and extensive network to help combat the voracious energy consumption caused by cryptocurrency transactions.

About 4NEW

4NEW, is a Waste to Energy treatment facility, not an energy exchange, with a vision to combat the global energy crisis by disrupting conventional utilities supply chain. By placing the power in the hands of the people, we hope to reduce the cost of energy by removing the intermediaries from the supply chain. The 4NEW ICO is currently ongoing.

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This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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