The Dubai Multi Commodities Centre signed an agreement with the UAE's Securities and Commodities Authority to allow crypto-based businesses to operate from the free zone.
Companies "offering, issuing, listing and trading crypto-assets" can set up their business within the DMCC following the establishment of a regulatory framework between the two entities.
The DMCC's Crypto Centre will offer bespoke licences and a range of incentives to prospective businesses, Ahmed bin Sulayem, executive chairman and chief executive of DMCC, said.
“As we continue to make strides within the crypto and blockchain space, DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai," Mr bin Sulayem added.
"Cutting-edge technologies are at the forefront of our strategy and they will play an instrumental role in driving increased trade through Dubai in the future."
The SCA will issue approvals for crypto-related businesses that are looking to set up in the DMCC free zone.
The market regulator will also oversee crypto activities in line with rules issued last year to govern the industry and related activities.
The DMCC, which has various businesses trading in the metals and commodities space, last year launched a blockchain-enabled trading platform for sugar.
The Agriota e-Marketplace, a commodity trading and sourcing platform, will help to bridge the financing gap between rural farmers in India and the food sector in the UAE.
The UAE Central Bank has yet to accept crypto or digital assets as legal tender in the UAE. The only legal tender in the country is the UAE dirham.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5