As part of the DMCC Crypto Centre, innovators, entrepreneurs, and pioneers have access to a wide variety of services, and the centre is housed in the state-of-the-art Almas Tower with world-class infrastructure and services.
Crypto and blockchain technologies are gradually proving to have immense potential for advancing global trade. The DMCC Crypto Centre will fully assist our mandate to attract and encourage trade via the emirate, as Dubai has recognized its potential. The DMCC is perfectly positioned to support crypto businesses from all over the world, as the DMCC Crypto Centre provides a progressive and supportive regulatory environment, a strong pool of industry talent, and an ecosystem that provides crypto firms with access to capital, resources, and opportunities.
For crypto enterprises operating in Dubai, DMCC has collaborated to create a solid, progressive, and friendly regulatory framework. The Securities and Commodities Authority of the United Arab Emirates will regulate activities done within the Free Zone, including the trade of crypto assets (SCA). Crypto companies will also benefit from the DMCC’s corporate regulatory framework, which makes doing business easier while maintaining strong governance and transparency.
This blog will help you understand and comprehend the
The activities that DMCC is currently offering related to ‘Crypto’ are Non-Regulated as below:
Both the above activities are subject to prior approvals, which means you will have to email us first the attached ‘word.docx’ form that is relevant to the activity you wish to perform. After that based on the review, we will confirm if you may start the application process on the portal.
And, it should be noted that there is no guaranteed bank account opening for Proprietary Trading in Crypto-commodities license.
Given the blockchain’s disruption of financial services and subsequent widespread application across industries, it’s difficult to identify a sector that hasn’t been touched by it. Payments, remittances, and foreign exchange have all been affected by cryptocurrency. Stock investing, startup loans, and venture funding have all been challenged by initial coin offerings (ICOs). Even the food supply chain has been turned upside down by blockchain.
Real estate isn’t immune to the effects of blockchain technology. Previously, exclusively transacting high-value assets like real estate through internet means was not the norm. Offline real estate transactions frequently involve face-to-face interactions with several parties. However, blockchain has made it possible to modify this. Assets like real estate can now be tokenized and sold like cryptocurrencies like bitcoin and ether thanks to the development of smart contracts in blockchain platforms.
Trading real estate this way varies. Here are six ways blockchain has changed the real estate game:
The technological architecture and protocols that allow simultaneous access, validation, and record updating in an immutable way across a network that spans numerous entities or places are referred to as Distributed Ledger Technology (DLT).
DLT, also known as blockchain technology, was popularized by Bitcoin and has since been a buzzword in the IT world due to its potential in a variety of industries and sectors. In simple terms, the DLT pits a “decentralized” network against a traditional “centralized” mechanism, and it is expected to have far-reaching consequences for industries and entities that have long relied on a trusted third party.
DLT (Distributed Ledger Technology) is a protocol that allows a decentralized digital database to run securely. The necessity for a central authority to maintain a manipulation check is eliminated with distributed networks.
Using encryption, DLT provides for the secure and accurate storing of any information. Using “keys” and cryptographic signatures, the same can be obtained. Once the data is saved, it becomes an immutable database that is subject to the network’s rules.
The concept of a distributed ledger isn’t entirely new, and many businesses already store data in multiple locations. Each location, on the other hand, is usually connected to a central system that updates each of them regularly. Because a central entity must update each remotely situated note, the central database is vulnerable to cyber-crime and prone to delays.
Because all of the copies kept across the network must be attacked at the same time for the attack to be effective, a decentralized ledger is impervious to cyber-crime. Furthermore, the simultaneous (peer-to-peer) sharing and updating of records speeds up, improves, and lowers the cost of the operation.
DLT can completely transform the way governments, institutions, and businesses operate. It can assist governments with tax collecting, passport issuing, land registry and license recording, and the distribution of Social Security payments, as well as voting procedures. Finance, music and entertainment, diamonds and other precious assets, art, supply networks of various commodities, and other businesses are all benefiting from the technology.
In collaboration with CV Labs, the DMCC Crypto Centre has been established for start-ups, entrepreneurs, and corporations interested in developing a bespoke solution or partnering in this field. The DMCC Crypto Centre will provide a diverse range of services and activities, including:
The DMCC Crypto Centre will provide a wide range of services, including shared desks, dedicated desks, and offices. A startup or entrepreneur will be able to take advantage of a reduced setup fee.
CV Labs DMCC will oversee the DMCC Crypto Centre, with a dedicated receptionist and an Ecosystem Manager in charge of offering all services and managing the Centre’s activities.
And regarding Regulated activities as mentioned below – requires obtaining a NOC from ‘Securities and Commodities Authority (SCA) to proceed with the license application:
Cryptographic assets require subject matter expertise to apply and maintain consistent accounting methods, given their inherent nature and forms. At Alya Auditors, we have a dedicated accounting team with professionals experienced in providing solutions to accounting issues across various sectors in the UAE. We provide accounting and other consultancy services to help you record and manage your Cryptographic assets or any other related business. With our industry best practices and recommendations, we can help you streamline your accounting processes in accordance with the regulatory requirements as applicable to your company.