Dubai Multi Commodities Centre (DMCC) has announced the launch of the DMCC Crypto Centre, an ecosystem for businesses operating in the cryptographic and blockchain sectors.
Located in the Almas Tower, the DMCC Crypto Centre is set to be a hub for the development and application of crypto and blockchain technologies. It 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 centre will house a 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 new facility will also offer co-working spaces to crypto entrepreneurs and SMEs and a range of incubator and accelerator programmes, all within the DMCC’s Jumeirah Lakes Towers district.
“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 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,” said Ahmed Bin Sulayem, executive chairman and CEO, DMCC.
“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.
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).
“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.
He added: “Together with DMCC we will be responsible for developing and managing the ecosystem in the UAE with its heart at the DMCC Crypto Centre. We will offer a variety of services including incubation and investment opportunities for early-stage start-ups, innovation services for corporate clients, educational events for Blockchain and entrepreneurship as well as advisory services to assist Crypto/DLT start-ups establish themselves in the UAE and grow within our strong ecosystem.”
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.