Crypto companies can pack their bags to Dubai as DMCC launches crypto centre

Karthik Subramanian

DMCC, one of the largest Free Zone for trade and the Government of Dubai Authority on commodities trade and enterprise, has announced the launch of Crypto Centre which is billed as an ecosystem for the development and growth of crypto and blockchain companies.

It will be located in Almas Tower and CV Labs and its VC arm, CV VC, would be providing co-working space for crypto companies which can be start-ups or established ones as well. The idea is to provide a place where all the skills and services needed by crypto and blockchain companies would be available.

“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 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.

Regulatory services and advisory would also be available and”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 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 to establish themselves in the UAE and grow within our strong ecosystem.”

Crypto companies can build products based on blockchain and also can trade digital assets as well. This will be regulated by UAE’s Security and Commodities Authorities (SCA). It is expected that the regulations would not be as tight as in certain jurisdictions and this would provide a convenient environment for crypto firms to build, grow and trade with ease of business being the topmost on the agenda.

The process for establishing this zone had begun last year and it was in March 2021 that an agreement was signed between the DMCC and the SCA for the establishment of this zone.

The key here seems to be the fact that the government is also on board this initiative and this is very important as the world over, many of the regulatory authorities do not seem to favor crypto businesses, especially crypto exchanges. But with Dubai welcoming businesses based on crypto and blockchain and providing a framework for carrying out crypto trade as well, it could be a key moment for blockchain companies and many of them could seriously consider shifting their business to Dubai to be free from ever-changing regulations.

Read this next

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

Digital Assets

KuCoin announces $10 million airdrop as users withdraw $1.2 billion

KuCoin – the fourth-largest crypto exchange in the world by trading volume – today announced plans to distribute $10 million worth of Bitcoin and its native KCS token via an airdrop event.

<