Russian entrepreneurs launched the first-of-its-kind crypto company in Dubai

Founded by Russian entrepreneurs Valery Kudryashov and Alexander Rusanov, Arte exChange is the first company in Dubai to have obtained a license to deal with crypto goods. The newly opened platform arteexchange.com in DWTC aims at facilitating the re-registration of all personal and property types, including watches, jewelry, cars, yachts and real estate. Meanwhile, the presentation of the company’s product line is scheduled to take place later this month.

According to Valery Kudryashov, transactions at Arte exChange are formalized through the creation of exclusive NFL tockens, which are uniquely patented digital certificates stored on the blockchain. Alexander Rusanov said:

Today, there is no similar service in Dubai, but the best conditions have been created for working on the basis of blockchain technologies. And so Dubai confirms its intention to always lead the way when it comes to high-tech.

At the same time, Victoria Mercadante, who overlooked the company registration at every stage, commented:

Arte exChange is the first company to receive a DWTC free zone license to trade crypto commodities.

It is worth noting that back in September 2021, Dubai World Trade Center announced that it would issue the necessary approvals and licenses for the conduct of financial activities relating to crypto-assets. This initiative was launched in order to promote innovation and a digital-led economy. Under the agreement signed by the DWTCA and the Securities and Commodities Authority (SCA), the SCA inspects, oversees and monitors entities operating within the free zone. As well as this, in May of this year, the Dubai Airport Free Zone Authority signed a similar agreement with the SCA. Not forgetting that DMCC opened a blockchain-based exchange for sugar trading in 2020, and in June 2021 the Bitcoin Fund (QBTCu.TO) made its debut on the Nasdaq Dubai, becoming the Middle East’s first listed cryptocurrency fund.

As stated by Abdulla bin Touq Al Marri, Minister of Economy and the SCA Board Chairman, the DWTCA targets at expanding its services as a free zone of choice for the entrepreneurial and investment community worldwide. And of course, with the surge of innovative technologies such as non-fungible tockens, the DWTCA is striving to offer a sustainable platform for commercial transactions in the country.