Dubai’s Free Trade Zone DMCC Sets up Crypto Center in Dubaiby Fintechnews Middle East 27. May 2021
The Dubai Multi Commodities Center (DMCC), world’s flagship Free Zone and Government of Dubai’s authority on commodities trade and enterprise, announced the launch of the DMCC Crypto Center.
The center is a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors.
Located in the state-of-the-art Almas Tower, the DMCC Crypto Center is set to be a hub for the development and application of crypto and blockchain technologies.
The center 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 Center will also house a crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley, which has previously churned out Cardano and Ethereum.
DMCC signed an agreement with CV Labs and CV VC in 2020 to support the development of a leading crypto ecosystem in Dubai. In February 2021, DMCC’s Executive Chairman and CEO, Ahmed Bin Sulayem, became a member of CV VC’s advisory board.
It will also offer co-working spaces to crypto entrepreneurs and SMEs and a range of incubator and accelerator programmes.
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.
“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 Center.
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 Chief Executive Officer, DMCC.