Dubai-based fintech firm iBloxx announced that it has been granted the license 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 license 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 maximize profit margins and minimize 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 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 licenses offered by the DMCC Crypto Centre 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.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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