The largest free economic zone of the united arab Emirates, with 0 % income tax for businesses and individuals, has started issuing licenses to companies trading in digital currencies. The first licence has been issued to a dealer in gold who has recently started to offer services in exchange for crypto-currencies.
Attract companies specializing in crypto-currencies
The Dubai Multi Commodities Center (DMCC) is a government institution created in 2002 to enhance trade flows through the country. Dubai is the economic zone the most important and the most dynamic of the united arab Emirates. Currently, Dubai strives to position itself as the preferred destination for the global trade in raw materials. DMCC is regarded as the first free zone in the world, offering 0 % tax on income.
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More than 14 100 multinational corporations and start-ups are established in the country. Dubai now has nearly 90,000 residents and workers. The Center has begun issuing licenses to allow companies to crypto-currencies to operate in the country, reported Reuters. The executive director of DMCC, Sanjeev Dutta, said that the Center begins to facilitate the access to this market. However, he pointed out that the companies wishing to operate on this market, will be considered on a case-by-case basis.
The crypto-currencies considered as products
DMCC is a part of the Global Blockchain Council, which has been at the origin of a project is quite surprising. In fact, this organization has created a smart city in Dubai and today there are some 46 members in the world. The director of Global Blockchain Council, Franco Bosoni, said that the world’s governments are now in the process of finding a consensus.
Wai Lum Kowk, head of the authority of regulation of the markets of Abu Dhabi, said on Sunday that the regulator examines and envisages the development of a regulatory framework for the exchange of crypto-currencies.