Cryptocurrencies have been expanding everywhere. In the rich city of Dubai this is not the exception. The Dubai Multi Commodities Centre (DMCC) has issued a trading license to the Dubai based gold trader Regal RA DMCC, a subsidiary of Regal Assets Inc.
Dubai Expands Cryptocurrency Investments
Dubai is trying to open its doors to cryptocurrency and blockchain investments. As many other countries in the world as Belarus or Switzerland, the city of Dubai is innovating in this new technology.
In 2002, the Dubai Multi Commodities Centre is the fastest growing zero tax zone in the UAE. Around 14,100 companies and startups have their headquarters there and there are approximately 90,000 professionals working there.
With the intention to expand its spectrum, the free economic zone started issuing different licenses to cryptocurrency and blockchain firms. About that, Sanjeev Dutta, executive director for commodities at the free economic zone said:
“To me, what is important, is the fact that you are still evaluating it as part of your innovation strategy… You are exploring, so you are clearly ahead of the others when the time to make a decision comes.”
There are several blockchain and cryptocurrency developers in Dubai. Ahmed Bashir, Blockchain developer working in Dubai said that the UAE is trying to be opened to the blockchain and cryptocurrency world. Besides that, he believes that in the short term, several investments will flourish in the UAE.
In order to start cryptocurrency operations in DMCC, Regal Assets acquired its license as an operator. During the last months of 2017, the company added cryptocurrency services to its list. The intention is to provide brokerage, high-security storage solutions to different cryptocurrencies in the market.
Belarus and Switzerland Investments
Belarus and Switzerland are attracting cryptocurrency investments from all over the world. Both of these countries have tax free zones for cryptocurrency and blockchain projects.
Belarus has decided to legalize cryptocurrencies and has been pushing its society towards virtual currency adoption. Besides that, both countries are searching a way to potentiate cryptocurrency mining activities. Both countries have cold temperatures and cheap electricity prices (Switzerland has arranged prices with enterprises).
A local news outlet in Belarus explained:
“The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based in technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchanges services, exchange cryptocurrencies, attract financing through ICOs and use cryptocurrencies and tokens in civil circulation.”
The Swiss government has announced that they support different cryptocurrency and blockchain projects in the country. But that’s not the whole story, the Minister of Economy Johann Schneider-Amman said that the country wants to become a “crypto-nation.”
At the moment, there are several mining farms operating in Switzerland. Additionally, several projects are investing important sums of money in blockchain developments.
Join the conversation over at Telegram (https://t.me/coinstaker)
Image Courtesy of Pixabay
- Cointipping and Why It’s on Its Way Out - Nov 7, 2019
- Bithoven Exchange Announces New Margin Trading Services For Users After Several Requests - Jul 11, 2019
- Binance Exchange Launches a New Fiat Crypto Exchange Called Binance Jersey - Jan 17, 2019
- VISA Acquires Ripple’s Partner Earthport After Closing a £198 Million Deal - Dec 29, 2018
- Report Says Cryptos Could Soon be Legalized in India - Dec 28, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!
Tags:bitcoinBlockchainBlockchain and CryptocurrenciesBlockchain TechnologyBTCCryptocurrenciesDMCCDubaiDubai BitcoinDubai BlockchainDubai CityEconomic Free ZoneInvestmentsRegalRegal RA DMCCTax ReductionTaxesUAEUnited Arab Emirates