Another significant development unfolds in Dubai’s blockchain industry, as the Dubai Financial Services Authority (DFSA) has authorized the region’s first-ever QCD Money Market Fund (QCDT) within the Dubai International Financial Centre (DIFC). This initiative is followed by a collaboration with Qatar National Bank (QNB) and blockchain fintech company DMZ Finance, and is aimed at advancing the real-world asset (RWA) in the Middle East Region.
A money market fund is a low-risk investment fund that invests in securities such as Certificates of deposit (CDs), Treasury bills (T-bills), Repurchase agreements (repos), or even Commercial paper.
DMZ Finance is the co-originator of the QCDT project, while Qatar National Bank is the investment manager. The project received the green light from the DFSA after obtaining formal regulatory approval and a Letter of Consent from the regulator.
Following the DFSA’s approval, Nathan Ma, Co-founder of DMZ Finance, stated that the company is working in lockstep with financial regulators and institutions across the region and other emerging markets to develop RWA systems that comply with legal and regulatory rules.
