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.
