DMCC launches Crypto Centre in Dubai

The DMCC Crypto Centre will also house a leading crypto advisory practice led by CV Labs

  
DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle.

DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle.

DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has launched the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors.

The official inauguration was attended by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Fahad Al Gergawi, CEO of Dubai FDI; Khalfan Belhoul, CEO of Dubai Future Foundation; Brock Pierce, Chairman of the Bitcoin Foundation, and Co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO); and other dignitaries.

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 DMCC Crypto 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.

“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,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

“With a progressive and supportive regulatory environment, a strong pool of industry talent, and an ecosystem that provides access to capital, resources and opportunities to crypto firms, the DMCC Crypto Centre is perfectly placed the support crypto businesses and advance global trade.

“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,” he added.

DMCC has collaboratively developed a solid, progressive and supportive regulatory environment for crypto firms operating in Dubai. 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.

“Together with DMCC we will be responsible for developing and managing the ecosystem in the UAE with its heart at the DMCC Crypto Center. We will offer a variety of services including incubation and investment opportunities for early-stage startups, innovation services for corporate clients, educational events for Blockchain and entrepreneurship as well as advisory services to assist Crypto/DLT startups establish themselves in the UAE and grow within our strong ecosystem.”

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, and the DigitalSugar platform utilising blockchain for the international trading of sugar. – TradeArabia News Service

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