Crypto in the UAE: TRES Was Approved by DMCC for OTC Trade License to Operate With Cryptocurrency
On photo left to right: Saif Al Mansouri – CEO TRES OTC DMCC; Ahmed Bin Sulayem – Executive Chairman and Chief Executive Officer of DMCC; Dmitry Krasnogor – Managing Director TRES OTC DMCC; Antony Katin – CEO SIMBA Storage; Alexey Liakhovnenko – CEO TRES Group GmbH.
Back in 2020, at the Davos Summit, the DMCC (UAE Free Economic Zone) announced a strategic partnership with CV VC and CV Labs to launch Crypto Valley, the world’s largest ecosystem of cryptography, blockchain and distributed ledger in Dubai.
More and more countries are adopting cryptocurrencies after a long resistance. The UAE is rightfully one of the most progressive countries in recent decades, which does not stand still and sees a prospect in the development of the cryptocurrency industry within the country, after a long denial and misunderstanding.
The cryptocurrency industry has already shown its strength and serious intentions to conquer the whole world and make it better. The capitalization of cryptocurrencies is growing every year and the adoption of the industry continues to develop rapidly.
Recently, the official opening of Crypto Valley in Dubai took place and active work began, the Swiss company TRES Group, the developer of SIMBA Storage, received a сrypto assets trading license for making over-the-counter transactions with cryptocurrencies in order to develop the crypto industry in the United Arab Emirates. So far, it is the first, but not the last license in the country.
“Time and time again, we have seen that innovation has been spurred on by first-class support, whether through incubator and accelerator programmes for SMEs, or business-friendly environments, specialised licencing options, and progressive regulations for larger multinationals. The DMCC Crypto Centre, operated in partnership with CV Labs, achieves exactly that – a comprehensive ecosystem that fully supports all types and sizes of businesses operating in the crypto sector.
Two of our main aims for the Crypto Centre are to facilitate innovation within the blockchain and crypto space and drive global adoption of the technology. With a range of industry leaders at the Crypto Centre, progressive regulations set out by the Dubai authorities, and the pre-existing supportive framework set out by DMCC, we expect that Dubai will be the place that every crypto firm looks to for growth opportunities. As Ralf Glabischnig, the founder of CV Labs, put it at the launch of the Crypto Centre, the DMCC Crypto Centre is well-placed to become the largest crypto ecosystem in the world.”, – Ahmed Bin Sulayem – Executive Chairman and Chief Executive Officer of DMCC.
“The global cryptographic industry, whilst still in a fairly nascent stage, has a great deal of potential, to the extent that it will likely positively disrupt every industry and sector. As found in our recent Future of Trade report, trade experts and business leaders from across the world believe that digital infrastructure, and particularly blockchain and other crypto technologies, will play an increasingly important role in the future of global trade.
Dubai has become synonymous with innovation, and the emirate has certainly embraced the adoption blockchain technologies. With government-led initiatives such as the Dubai Blockchain Strategy driving the application of blockchain wherever possible across its public and private sectors, Dubai is demonstrating how blockchain can offer a vast range of benefits. Through the DMCC Crypto Centre, the UAE is unequivocally taking the lead in the development of the global crypto industry.”, – Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC
Previously, crypto assets trading license in the UAE was illegal and inaccessible, which imposed a number of restrictions on large banking and institutional structures that are ready to carry out activities with cryptocurrency in the country.
Crypto assets trading license is a huge step in the development and formation of the blockchain technology industry, business development, the influx of technological projects and startups, as well as the money supply for the country. The trading in crypto assets license opens up opportunities for large institutional investors and banking structures in the crypto industry that were previously not available to them. This will provoke an increase in the capitalization of the cryptocurrency market as a whole.
“The DMCC Crypto Centre ecosystem is the latest crypto and blockchain sector focused business community in DMCC Free Zone Dubai. It provides the perfect landing for any business focused on any number of areas across this booming innovative tech sector and offers a wide array of support, products and services, including the first sector focused co-working accelerator space CV Labs. It’s great to see companies like TRES coming into the DMCC Crypto community and taking advantage of everything provided by the Free Zone. Dubai is fast becoming the center of the global Crypto world and for good reason”, – says James Bernard, Director Sales/Business Development & Head of Corp Sales at DMCC.
TRES specialists highlight the great prospects for the development of the cryptocurrency industry in the Arab countries, including ones originating from the global change of guidelines, especially in terms of technology.
SIMBA CEO Anton Katin draws analogies, mentioning the widespread transition to electric cars, solar energy and the desire of many countries to move away from the usual patterns of consumption, import and export of non-renewable resources.