CoinCRED: Became A Fully Licensed Exchange in UAE
It means CoinCRED is now legally authorized to offer UAE crypto market to own, deposit, and trade in cryptocurrencies. We, the team of CoinCRED, have fastened our seatbelt to fly into the UAE and other rational countries. Also, we have announced its UAE establishment launch in the upcoming days of August.
CoinCRED Trading License in UAE
CoinCRED has now officially registered itself into the list of top Indian-based cryptocurrency exchanges entering the UAE or Middle Eastern crypto market. The UAE authorities have awarded CoinCRED with IFZA (International Free Zone Authority) trading license.
About IFZA License
IFZA (International Free Zone Authority) is an international financial center and free zone in Dubai, UAE. IFZA is also a leading business hub of virtual activities in the entire Middle East region. It offers various facilities to investors who want to establish their merchandise under this regulatory body.
Seeing its flair aptitude, IFZA has become one of the investors' blue-eyed authorities to set up a free zone company there.
IFZA Approval Exchange, CoinCRED
As mentioned above, CoinCRED has recently received an International Financial Free Zone (IFZA) license to operate a regulated virtual asset exchange platform in Dubai. CoinCRED has met all the benchmark requirements of IFZA to establish it as a cryptocurrency Multilateral Trading Facility and Custodian. In the ongoing month, CoinCRED has rounded off the entire documentation proposing significant amendments to the UAE cryptocurrency markets.
Presently, CoinCRED is practicing on establishing its business venture in Dubai’s financial-free zone. In the United Arab Emirates, the CoinCRED exchange is authorized to deliver virtual assets trading and investing services straightaway in USD to local AED for the convenience of UAE investors and traders now. With the operation of CoinCRED as a broker-dealer in cryptocurrencies, the investors and traders can directly take benefit of cryptocurrency trading and transactions.
“Crypto Industry” boom in UAE
Today, Cryptocurrency and other Virtual Digital Asset industries are roaring too loud all over the world. On contemplating the crypto market position in UAE, the thunder of the crypto-verse is sharply cracking among digital fanatics. Around 1 lakh 60 thousand (1,60,000) people of the total UAE population are engaged in crypto trading activities. If we look at it in percentages then, about 1.50% (percent) of the total population are in the cryptocurrency business.
Besides cryptocurrency industries (like Bitcoin, or Altcoins), other Virtual Digital Asset ventures (like NFTs) are also booming at a constant hurtle. As per the crypto experts, the digital asset ecosystem contributes around 4.3% (percent) of the total GDP in the UAE. Also, there are more than the value of $ 24.50 billion in virtual digital assets ventures all around the UAE for the time being. In fact, this Virtual Digital Asset is accelerating at its pace in the United Arab Emirates as well as all around the world.
Are Crypto Tenders legal in UAE?
The cryptocurrency industry is not yet licensed or became a legal entity in the UAE now, but it can be smoothly traded via various crypto trading platforms or crypto exchanges. Also, no regulatory authority has prohibited buying, selling, trading, or investing in crypto assets.
In point of fact, the UAE government also provides a license of Financial Free Zone to Digital Asset platforms in various of its regions. If we talk about free zones offering licenses in UAE then it can be; International Free Zone Authority, Dubai Multi Commodities Center, Dubai Airport Free Zone, Abu Dhabi Global Market, Sharjah Research Technology, etc.
Furthermore, crypto enthusiasts can see a glimpse of CoinCRED as “CoinCRED 2.0” on various of its social media platforms.
By Riteshu sen Jaiswar
