DMCC Launches Crypto Centre
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced the launch of the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors.
Located in the state-of-the-art Almas Tower, the DMCC Crypto Centre is set to be a hub for the development and application of crypto and blockchain technologies.
The Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets.
The DMCC Crypto Centre will also house a leading crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley, which has previously spawned Crypto leaders such as Cardano and Ethererum.
The Centre will offer co-working spaces to crypto entrepreneurs and SMEs and a range of incubator and accelerator programmes, all within the DMCC’s vibrant Jumeirah Lakes Towers district, in the heart of Dubai.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “Crypto and blockchain technologies have an enormous potential to transform global trade and supply chains.
"This aligns perfectly with DMCC’s vision to drive the future of trade and is one of the key drivers behind launching the DMCC Crypto Centre.
“With initiatives such as the Dubai Blockchain Strategy, Dubai’s government is leading the adoption and application of blockchain technologies, creating a business-friendly environment for crypto firms and cementing the emirate’s reputation as a global technology leader.”
Activities conducted within the Free Zone that include the exchange of crypto assets will be regulated by the UAE’s Securities and Commodities Authority (SCA).
Crypto firms will also benefit from DMCC’s business regulatory framework, which increases the ease of doing business whilst upholding robust governance and transparency.
"With strong backing from the government as well as great interest from its flourishing business sectors, Dubai is poised to emerge as a global hotspot and leader for innovative blockchain companies and applications” said Ralf Glabischnig, Founder of CV Labs & CV VC.
DMCC has a strong track record of using cryptographic and distributed ledger technologies, with their blockchain-enabled agri commodities trading platform, Agriota, connecting farmers in India with consumers in the UAE.
Then there is the DigitalSugar platform utilising blockchain for the international trading of sugar.
In March, DMCC entered into a memorandum of understanding (MoU) with the SCA to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.