Dubai, the hub of commodity trading
in UAE is going to be the safest place for cryptocurrencies in near future. The
UAE downtown, of late, has started rolling out red carpets to the leading firms
in the cryptocurrency market expanding the area of operations by the Multi
Commodities Centre.
Many firms, these days, are
engaged in talks the Centre since it has already started licensing the cryptocurrency
trading. The response is growing at an incredible speed since it has no personal
and corporate income tax.
Regal Assets, which has already
procured license from DMCC to do gold trade in US,
Canada and UAE has, of late, incorporated cryptocurrency in its trading
list paving the way for other firms across the globe to follow the suit.
The first ever company to have procured
the license for cryptocurrency trading further has the scope for storage of bitcoin
in the Dubai based DMCC headquarters.
This trend suggests, beyond doubt,
that cryptocurrency is set to be a roaring market in Dubai since it is
unregulated as of now much to the huge advantage for the firms which have been evincing
keen interest to set up business in this buzzing economic zone in the UAE.
According to DMCC
heavyweights, the Centre has been carefully looking at the worldwide consensus
to classify Cryptocurrency as commodity trading which starts flowing on
every passing day in Dubai.
They further maintain that they
use of state-of-the-art technology and innovation will be growing like anything
which could lead to the tryst with new markets, customers and industries.