Crypto in the UAE: TRES Was Approved by DMCC for OTC Trade License to Operate With Cryptocurrency

Crypto in the UAE: TRES Was Approved by DMCC for OTC Trade License to Operate With Cryptocurrency


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.

– Ahmed Bin Sulayem – Executive Chairman and Chief Executive Officer of DMCC.

– 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.

, – 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.

Source: news.bitcoin

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