The Dubai Multi Commodities Centre (DMCC) – the Dubai-based 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 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, 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 programs, all within the DMCC’s 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. 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 [to] support crypto businesses and advance global trade,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, 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.
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.
Ralf Glabischnig, Founder of CV Labs & CV VC, said: “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 utilizing 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.
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.
For more information on joining the DMCC Crypto Centre, please visit: dmcc.ae/cryptocentre