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UAE issued the first OTC Trade License for cryptocurrencies

2 min read

TL;DR Breakdown

• The OTC Trade License authorized Tres Group for this new OTC Commercial License.
• It is a big step taken by the UAE to authorize transactions with cryptocurrency assets.

The crypto industry has gained popularity worldwide; this has attracted many investors who had previously turned their backs on digital currencies. UAE has recently announced its disposition to enter the crypto world and recognize it as a safe asset to invest in. This project is significant because it leaves behind the UAE ban had on cryptocurrencies.

The UAE has formulated a new OTC Trade License to support its commercial policy; it is an innovation for buying or selling services and goods with cryptocurrencies. The UAE has authorized Tres Group to carry out these operations; this company is the SIMBA Storage creator.

An OTC Trade License to support your new cryptocurrency policy

OTC Trade License

This proposal has hit the crypto market at a momentous time in the crypto industry, where Altcoins experienced a drop in their prices. For experts, this new proposal can be beneficial for cryptocurrencies and help them to achieve an uptrend.

In 2020, the Dubai Multi Commodities Center (DMCC) partnered with CV Labs and CV VC startups. This partnership took place at the DAVOS Forum to launch the Crypto Valley technology network in the city of Dubai; This is the most popular blockchain and cryptocurrency technology association.

The Crypto Valley launch took place in Dubai. At that critical and significant moment, the DMCC entity expressed its enthusiasm for helping and partnering with the most popular cryptocurrency ecosystems such as CV Labs and CV VC.

This initiative will benefit the Dubai commercial market

DMCC is a government entity that drives the commercial market through the city of Dubai. Ahmed Bin Sulayem, President and DMCC CEO said that the company is pleased to sign this pledge with the most popular cryptocurrency companies and establish this technology network in Dubai.

Sulayem has indicated that with this association, the economic market of the entire city can be improved. He claims they can attract new people to invest and help with the UAE’s economic growth.

With this new policy in the UAE and implementing Crypto Valley, Tres Group had to establish an office in this city to carry out Over Counter transactions. By implementing this OTC Trade License, they will accept operations with crypto to purchase or sell services and goods. For Tres Group, this new policy will have a significant effect on the Middle East.

The OTC Trade License means further growth for the blockchain technology market and will help companies grow. This measure will allow new or experienced investors to benefit from this great opportunity.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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