Deepcoin Labs has officially obtained the “Proprietary Trading in Crypto-commodities” registration from the Dubai Multi Commodities Center (DMCC). Alongside this achievement, the company has revealed the launch of a $10 million fund aimed at supporting early-stage Web3 innovation projects, it said in a press release.
The registration, which came into effect on September 6, 2023, will remain valid until September 10, 2024, and empowers Deepcoin Labs to engage in trading activities within the crypto-commodities sector, all while adhering to the established regulatory framework of DMCC.
Deepcoin Labs’ commitment to fostering high-caliber, forward-thinking projects within the Web3 ecosystem is clearly evident through this initiative. By doing so, the company seeks to not only stimulate industry growth but also contribute to the wider community within the boundaries set by DMCC regulations.
In an official statement, Deepcoin Labs emphasized their proactive approach in scouting for innovative and quality-driven Web3 projects on a global scale. Funding allocations will be determined based on the merits and potential impact of each project, with direct contributions being channeled to eligible project teams.
Ego Huang, Founder & CEO of Deepcoin, expressed their enthusiasm for reaching this significant milestone. “We are delighted to have secured the DMCC registration for Deepcoin Labs, which serves as a testament to our commitment to responsible and regulated operations within the crypto-commodities sector. This recognition underscores our dedication to promoting education, research, and responsible investments in blockchain and digital assets. The launch of the $10 million fund by Deepcoin Labs also signifies our unwavering commitment to catalyzing Web3 innovation on a global scale, thereby infusing fresh energy and opportunities into the industry’s ongoing development,” Huang stated.
