Los Angeles, CA, Aug. 05, 2022 (GLOBE NEWSWIRE) — DhabiCoin (DBC) has just been approved after a long process to get the DMCC license, Dubai’s Commodity Free Zone, selected seven times in a row by the Financial Times fDI Magazine as “The Year global free zone.” By the end of 2021, the date of DMCC’s last official UNLOCK report, the number of crypto entities registered with DMCC was 151 companies, including blockchains such as Huobi (2018) and Binance (2022) and cryptos such as Ethereum and BNB.
The Dubai Free Zone has over 20,000 commodity companies today and is celebrating a new record for the first half of 2022: DMCC – the world’s leading free zone and the Dubai Government Authority on Commerce and Commodities Companies – recorded its best ever market performance. In the first half of the year, it registered 1,469 new companies in the first six months of 2022. This is an increase of 19% from 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-breaking 2021, in which DMCC attracted 2,485 new members, DMCC is now home to over 21,000 companies.
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 operations. Regal Assets was the first company to receive this license, offering its clients cryptocurrency cold storage. The regulation of cryptocurrency and blockchain projects in the UAE is carried out by FSRA (Financial Services Regulatory Authority) on ADGM (Abu Dhabi Global Market). This authority publishes guidance on cryptocurrencies. It also monitors blockchain companies 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 evolve and help revolutionize the world of cryptocurrencies.
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