Middle East

Dubai fintech company iBloxx obtains DMCC crypto trading license

Dubai-based fintech company iBloxx has announced that it has been licensed by the Dubai Multicommodity Center (DMCC) for proprietary trading of cryptocurrencies.

The company designs artificial intelligence (AI) and machine learning algorithms to manage active trading models for a variety of commodities across the traditional commodities market and now the cryptocurrency market.

“This license allows us to integrate traditional financial market expertise with the cryptocurrency DeFi ecosystem,” said Domenik Maier, CEO of iBloxx.

“Our fully automated algorithms maximize profit margins and minimize execution risk on a timescale of less than zero milliseconds through multi-asset, market-wide connectivity, and on-chain smart contracts across major blockchains. It is designed to do. “

Dubai is active in the areas of cryptocurrencies and blockchain.

In March of this year, the DMCC Free Zone for Commodities, Trade and Enterprises and the Dubai Government will establish a regulatory framework for the provision, issuance, listing and trading of crypto assets with the Securities and Commodities Authority (SCA). Signed. DMCC.

Later, it was announced that crypto asset companies could obtain a bespoke license from the DMCC Cryptocurrency Center in Dubai.

read: Cryptocurrency business can now open offices in Dubai’s DMCC Free Zone

Earlier this week, it was also announced that the Dubai World Trade Center (DWTC) will become a “comprehensive zone and regulator” of crypto assets and crypto, including emirate digital assets, products, operators and exchanges.

DWTC will work with Dubai’s private companies to enforce standards for investor protection, money laundering prevention (AML), terrorist financing (CFT) compliance, and cross-border transaction flow tracking.

read: Dubai World Trade Center Becomes Regulator of Virtual Assets and Cryptocurrencies

https://gulfbusiness.com/dubai-fintech-firm-ibloxx-gets-dmcc-crypto-trading-licence/ Dubai fintech company iBloxx obtains DMCC crypto trading license

Show More
Back to top button