The official opening was attended by a number of high-level government and industry representatives, including His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates; Brock Pierce, Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether and Mastercoin (first ICO); Saeed Hareb Al Darmaki, General manager – Middle East and North Africa from CasperLabs; and Mrinal Manohar, CEO of CasperLabs.
Located in the state-of-the-art Almas Tower, the DMCC Crypto Center is poised to become a hub for the development and application of crypto and blockchain technologies. The Center provides a home for all types and sizes of crypto businesses, from businesses developing blockchain-based trading platforms to businesses offering, issuing, listing and trading crypto assets.
The DMCC Crypto Center will also house a leading crypto consulting firm led by CV Labs, the entity behind the Switzerland Government-backed Crypto Valley which has already spawned Crypto leaders such as Cardano and Ethererum.
The DMCC Crypto Center will provide collaborative workspaces for crypto entrepreneurs and SMEs as well as a range of incubator and accelerator programs, all in the vibrant Jumeirah Lakes Towers district in the heart of Dubai.
“Crypto and blockchain technologies have enormous potential to transform global commerce and supply chains. This aligns perfectly with DMCC’s vision to drive the future of commerce and is a key driver in launching the DMCC Crypto Center. With a progressive and supportive regulatory environment, a strong industry talent pool, and an ecosystem that provides access to capital, resources and opportunities to crypto firms, the DMCC Crypto Center is uniquely positioned to support crypto firms and advance world trade, “said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“With initiatives such as the Dubai Blockchain Strategy, Dubai The government is leading the adoption and application of blockchain technologies, creating an enabling business environment for crypto companies and strengthening the emirate’s reputation as a global technology leader, ”he added.
DMCC has collaboratively developed a strong, progressive and supportive regulatory environment for crypto companies operating in Dubai. Activities in 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 while maintaining strong governance and transparency.
“With the strong support of the government and the great interest of its thriving business sectors, Dubai is poised to become a global hotspot and a leader for business and innovative blockchain applications “said Ralf Glabischnig, founder of CV Labs & CV VC. He added, “With DMCC, we will be responsible for developing and managing the ecosystem in the UAE with its core at the DMCC Crypto Center. We will offer a variety of services, including incubation and investment opportunities for start-up startups, innovation services for businesses, educational events for Blockchain and entrepreneurship as well as consulting services to help Crypto / DLT startups establish in UAE and grow within our strong ecosystem. “
DMCC has a strong track record in using crypto and distributed ledger technologies, with its blockchain-enabled agricultural commodity trading platform, Agriota, connecting farmers from India with UAE consumers and the DigitalSugar platform using blockchain for international sugar trade.
In March, DMCC reached a memorandum of understanding with SCA to establish a regulatory framework for companies 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, Executive Chairman and CEO of DMCC, Ahmed Bin Sulayem, became a member of the advisory board of CV VC.
The launch event was also attended by industry leaders including His Excellency Fahad Al Gergawi, CEO of Dubai FDI; His Excellency Khalfan Belhoul, CEO of the Dubai Future Foundation; Khaled Ghaith Al Zaabi, Executive Director of Licensing, Supervision and Compliance Operations, SCA; and Ahmed Hamza, Executive Director – DMCC Free Zone.
For more information on DMCC Crypto Center membership, please visit: dmcc.ae/cryptocentre.
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