What The Approval Of Jibrel Network In Dubai Mean For The City
Jibrel Network, a blockchain technology company that focuses on listing, trading, and digitization of financial instruments such as bonds and currencies has been given the green light in Dubai.
The Dubai Financial Services Authority (DFSA) accepted Jibrel Network into its Innovation Testing License program (ITL). The latter is a regulatory approach that is aimed at paving the way for companies in the fintech industry to explore new services in Dubai’s Financial Center special economic zone.
The approval of Jibrel Network into the program aligns with the company’s goal of providing online trading services for traditional services using blockchain technology. Jibrel Network focuses on blockchain development with the core focus being the tokenization of services. The Organization allows customers to make deposits in the form of cash or money market instruments using blockchain-powered solutions.
Jibrel also aims to give developers a platform that has applications and building tools for investing, transacting and hedging. The presence of the company in Dubai will allow it to provide services that will allow users to convert financial instruments into ERC-20 tokens through the Ethereum blockchain. Additionally, it will run its operations in Dubai while maintaining full compliance with regulations.
Jibrel Network is one of six companies that have been enrolled in the ITL programs and the DFSA licenses will allow them to run their operations in a business setting. They will also get access to multiple markets including Southern Asia, Africa, and the Middle East which means they will have more business opportunities.
Bryan Stirewalt, the DFSA’s managing director expressed his excitement in Jibrel and the other five companies becoming a part of the project. He pointed out that it reflects the positive attitude towards financial technology innovation by the Dubai-based financial regulator. He also added that the ITL program has had overwhelming applications ever since it was launched in May 2017. He claims that the many applications are a testament to the value brought into the fintech industry by the DIFC.
The approval of Jibrel Network by the DIFC also echoes the recent approval that it received from an international financial authority. The company earned itself a membership position at a self –regulating vets financial intermediaries organization called VQF. The certification highlights the company’s compliance with the Swiss Anti-Money Laundering Act. It also allows Jibrel’s platform to provide fiat-to-crypto and crypto-to-fiat services in Germany, Switzerland, and the United Kingdom. Jibrel Network is one of the companies that are blurring the lines between regulation and decentralization.
Comments (No)