Dubai fintech firm iBloxx gets DMCC crypto trading licence
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Dubai fintech firm iBloxx gets DMCC crypto trading licence

Dubai fintech firm iBloxx gets DMCC crypto trading licence

The firm designs AI and machine learning algorithms to manage active trading models for crypto commodity markets

Dubai-based fintech firm iBloxx announced that it has been granted the licence for proprietary trading in crypto commodities by Dubai Multi Commodities Centre (DMCC).

The firm designs artificial intelligence (AI) and machine learning algorithms to manage active trading models for a variety of instruments across traditional and now also crypto commodity markets.

“This licence will allow us to merge our expertise from the traditional financial markets with the crypto DeFi ecosystem,” said iBloxx’s CEO Domenik Maier.

“Our fully automated algorithms are designed to maximise profit margins and minimise execution risk in a sub-zero milliseconds timescale through multi-asset, market-wide connectivity and on-chain smart contracts across major blockchains.”

Dubai has been seeing increased activity within the crypto and blockchain space.

In March this year, the DMCC freezone and Government of Dubai Authority on commodities, trade and enterprise signed an MoU with the the Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.

It was announced then that businesses dealing with crypto assets can obtain bespoke licences offered by the DMCC Crypto Centre in Dubai.

Read: Cryptocurrency businesses can now open offices within DMCC freezone in Dubai

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

DWTC will collaborate with private sector entities in Dubai to enforce standards for investor protection, anti money laundering (AML), combating the financing of terrorism (CFT) compliance and cross-border deal flow tracing.

Read: Dubai World Trade Centre to become regulator for virtual assets and crypto

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