Dubai has launched a crypto centre to promote cryptographic and Blockchain technologies

The DMCC Crypto Centre, a comprehensive ecosystem for firms operating in the cryptographic and Blockchain sectors, has been unveiled by DMCC, the world's flagship Free Zone and the Government of Dubai Authority on commodities trade and enterprise.

Dubai has launched a crypto centre to promote cryptographic and Blockchain technologies.

The DMCC Crypto Centre, which will be housed in the state-of-the-art Almas Tower, will serve as a hub for developing and using crypto and blockchain technology. 

From enterprises building blockchain-enabled trading systems to enterprises offering, issuing, listing, and trading crypto assets

The Centre provides a home for all sorts and sizes of crypto businesses.

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CV Labs, the entity behind the Switzerland government-backed Crypto Valley, which has already birthed Crypto giants such as Cardano and Ethererum, will oversee leading crypto advising practice at the DMCC Crypto Centre.

The DMCC Crypto Centre will provide crypto entrepreneurs and SMEs with co-working spaces as well as a variety of incubator and accelerator programmed, all within the DMCC's dynamic Jumeirah Lakes Towers region in Dubai's core.

"Crypto and blockchain technologies can change global trade and supply systems completely. It is in line with DMCC's aim of driving the future of trade and is one of the driving forces behind establishing the DMCC Crypto Centre. The DMCC Crypto Centre is perfectly positioned to help crypto enterprises and drive global commerce, with a progressive and supportive regulatory environment, a large pool of industry talent, and an ecosystem that gives crypto firms access to financing, resources.

 And opportunities," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

"Dubai's government is pioneering the adoption and deployment of blockchain technologies, providing a business-friendly climate for crypto enterprises and solidifying the emirate's status as a worldwide technology leader, through initiatives like the Dubai Blockchain Strategy," he added.

DMCC has collaborated to create a robust, progressive, and friendly regulatory framework for crypto enterprises operating in Dubai. The Securities and Commodities Authority of the United Arab Emirates will regulate activities done within the Free Zone, including the trade of crypto assets (SCA). Crypto companies will also benefit from the DMCC's corporate regulatory framework, making doing business more accessible while maintaining strong governance and transparency.

"Dubai is primed to emerge as a global hotspot and leader for creative blockchain startups and applications, with strong government backing and considerable interest from its growing business sectors," stated Ralf Glabischnig, Founder of CV Labs & CV VC. "We will be responsible for creating and administering the ecosystem in the UAE together with DMCC, with its heart at the DMCC Crypto Center," he added. We will provide a range of services, including early-stage startup incubation and investment opportunities, corporate innovation services, Blockchain and entrepreneurship training events. and advisory services to help Crypto/DLT firms establish themselves in the UAE and thrive within our robust ecosystem."

With its blockchain-enabled agro-commodities trading platform, Agriota, connecting farmers in India with customers in the UAE, and the DigitalSugar platform employing Blockchain for international sugar trading, DMCC has a good track record cryptographic and distributed ledger technology.

DMCC and the SCA signed a memorandum of understanding (MoU) in March to create a regulatory framework for enterprises offering, issuing, listing, and trading crypto assets in the DMCC.

In 2020, DMCC inked a deal with CV Labs and CV VC to help Dubai establish a leading crypto ecosystem. Ahmed Bin Sulayem, the Executive Chairman and CEO of DMCC, joined CV VC's advisory board in February 2021.

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