Dubai's DMCC opens its new Crypto Centre for crypto, blockchain businesses
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Dubai’s DMCC opens its new Crypto Centre for crypto, blockchain businesses

Dubai’s DMCC opens its new Crypto Centre for crypto, blockchain businesses

The DMCC Crypto Centre aims to be a hub for the development and application of crypto and blockchain technologies

Dubai based freezone DMCC has launched its new Crypto Centre to support businesses operating in the cryptographic and blockchain sectors.

Located in Almas Tower, the DMCC Crypto Centre offers co-working spaces for all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets.

It will also house a crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley (CV).

The centre was first announced in March, when DMCC signed an MoU with the UAE’s Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.

All activities conducted within the freezone that include the exchange of crypto assets will be regulated by the SCA.

Read: Cryptocurrency businesses can now open offices within DMCC freezone in Dubai

“Crypto and blockchain technologies have an enormous potential to transform global trade and supply chains,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

“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,” he said.

DMCC already uses 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.

It also signed an agreement with CV Labs and CV VC in 2020 to support the development of a crypto ecosystem in Dubai.

“Together with DMCC, we will be responsible for developing and managing the ecosystem in the UAE with its heart at the DMCC Crypto Center,” said Ralf Glabischnig, founder of CV Labs and CV VC.

“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.”

Sulayem added: “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.”

Last week, the Dubai Airport Free Zone Authority (DAFZA) also signed an agreement with the SCA to support the regulation, offering, issuance, listing and trading of crypto assets within the freezone.

The agreement allows companies trading with crypto assets to be licensed within DAFZA, with SCA issuing the relevant approvals and licences.

Read: Regulated trading of cryptocurrency assets to begin in Dubai airport freezone

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