Dubai, the largest economic zone in the UAE with 0% personal and corporate income tax, issued the first license to a cryptocurrency firm.
Who’s the lucky one?
Dubai Multi Commodities Centre (DMCC) reportedly granted the first license to Regal Assets, a gold trader and storage provider which recently started offering cryptocurrency services.
Why is it important
Innovation isn’t exactly a new word for Dubai, and over 14K companies and startups already use it’s business advantages. The firms who get DMCC licences will allow firms trading in cryptocurrencies to operate from its free zone.
What can we learn from it
- On a curious side – that Dubai views cryptocurrencies as commodities.
- It looks like Regal Assets might be the first company which is licensed to trade cryptocurrencies in Middle East.