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Bitchain Blockchain firm applies for DeFi Licence in UAE DMCC
UK Headquartered Blockchain consultancy firm, Bitchain Capital has announced that it will be applying for DeFi license in Dubai UAE with DMCC ( Dubai Multi Commodities Center), Europe, Georgia and Estonia. According to Bitchain, the Licence will enable bitchain to conduct regulated cryptocurrency activities such as trading, launching, and managing digital assets and offering regulated de-fi products at scale. Prior to this Bitchain had in May of 2020 signed a strategic partnership with UAE digital asset exchange DEX. Since then Bitchain is developing its activities further in the MENA and will be participating in the Anthony Ritosso Family Office Summit 2020 in Dubai as well as Future Blockchain Summit.
With regards to their entrance into the UAE, according to Bitchain’s medium post, ” the Dubai government authority has announced that it is launching a crypto valley in the country’s free zone. With the help of its partners from the Swiss crypto valley, Dubai will offer a variety of services such as incubation for startups, coworking facilities, blockchain training, education, events, mentoring, and funding. We have partnerships with companies that are already operating within this zone and have plans to join the crypto valley free zone in 2021. Bitchain capital will also be joining the Crypto Valley Network again for Q4 2020 and will now be much more active in the crypto valley VC community during our Round A Fundraise.”
The medium post adds, ” For the crypto valley launch, DMCC is collaborating with Swiss investment company Crypto Valley Venture Capital (CV VC) and its subsidiary CV Labs to develop “a comprehensive DMCC Blockchain Strategy that is aligned with the Emirates Blockchain Strategy 2021, and supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai and chairman of Dubai Executive Council. Global chairman for BITCHAIN CAPITAL Thanveer Ummer is also a board member and executive partner of the CV VC group.”
UNLOCK spoke with Jesse Jarvis CEO of Bitchain Capital who explained, ” We have yet to apply for a license at DMCC but will be doing so in Q1 of 2021. Currently we are applying for a license in Estonia to be followed by Swtizerland.”
Prior to this announcement, Bitchain Capital and UAE DEX entered into a global strategic partnership, combining Bitchains industry-leading knowledge on the blockchain eco-system with DEX’s world-class exchange platform and next-gen technology services. In the Medium Statement Jesse Jarvis CEO of Bitchain Capital stated, “The Bitchain-DEX partnership is a powerful combination. DEX’s understanding of the regulatory landscape, Security tokens and asset digitization combined with DEX’s deep technical expertise, and focus on regulatory frameworks is uniquely complementary to how Bitchain Capital works. I believe this synergy will definitely help to generate industry-leading technology products and platforms,” said Jesse Jarvis CEO, Bitchain Capital Adding, “With insight into the UX/UI design of the DEX exchange, this partnership will allow us to drive far more business impact for our clients and make sure that users of the DEX platform have a seamless and intuitive experience. ”
As digital asset markets mature and capital markets embrace blockchain technology, there is a need for regulated digital asset platforms to provide a financial ecosystem to serve all market participants’ requirements. DEX is on track to be a leader in the global digital asset marketplace with strong technical intellectual capital, an innovative approach, a digital assets regulatory framework, and robust compliance. Jarvis adds, “Partnering with DEX to deliver access to global digitized securities and financial markets for our clients will allow us to provide the very best in portfolio strategies on which we’ll conceive, design, and build the next generation of transformative enterprise and digital products and platforms, such as EVA and IRIS. Together, working as one team, we will unlock the full potential of digital blockchain transformations and place our clients on the best path for success in the new blockchain-enabled business landscape.”
Bitchain aims to create an integrated smart gateway for these global crypto-asset platforms through the EVA Desktop De-Fi Terminal. Giving users a seamless and revolutionary new way to interact with financial data and digital assets. For DEX, providing institutional-grade regulatory technology is paramount to ensure that the digital asset ecosystem actively monitors trading activity and that no market manipulation or market abuse is conducted. Leading KYC technology will be deployed to screen all market participants before being onboarded as a client.
“We aim to leverage the KYT/KYC and AML2 strengths that DEX brings by utilizing any and all regulatory technology to help provide a framework of operations for both EVA and IRIS projects. As an indication of the commitment to the partnership, Bitchain capital will pledge 10,000,000CAPc Tokens to the DEX Organisation and we will aim to list CAPc on the DEX exchange possibly in the next 12/24 Months” Jesse Jarvis, CEO Bitchain Capital
Additionally, DEX will become part of the Bitchain De-fi Product partner network, a network of partnerships that provide proprietary access to financial data tools, technologies, and exchange access through -EVA, our automated fund management system and IRIS the Vte. (Virtual Trading Evironment).