The Dubai Multi Commodities Centre (DMCC), the free zone and authority under the Dubai government specializing in commodity trade and projects, has announced the launch of the "Crypto Center." This center aims to provide a comprehensive ecosystem that supports the growth and prosperity of businesses and companies active in the encryption and blockchain sectors.
The "Crypto Center," based in the DMCC's Diamond Tower, is set to become a pivotal weight on the map of developing and applying encryption and blockchain technologies. The center will welcome businesses of all sizes and categories operating in the encryption space, ranging from companies specializing in developing trading platforms supported by blockchain technology to institutions concerned with issuing, listing, and trading crypto assets.
The Crypto Center will also offer advisory solutions in the field of encryption, supported by "Crypto Valley Labs," which backs the "Crypto Valley" project supported by the Swiss government and has been the launching point for leading global platforms in encryption such as Cardano and Ethereum. The center will include co-working spaces to host all active players in the encryption sector, from entrepreneurs and small to medium enterprises, along with a wide range of incubator and accelerator programs in the vibrant Jumeirah Lakes Towers area in the heart of Dubai.
Ahmad Bin Sulayem, CEO and Executive Chairman of DMCC, stated that "encryption and blockchain technologies have immense potential to enhance the course of global trade and supply chains, elevating them to entirely new levels. These technologies align with DMCC's vision of leading the future of trade, and they form one of the foundational pillars driving our efforts to launch the Crypto Center."
He added that "the center has the appropriate capabilities that make it a supporter of companies specializing in the encryption sector and in advancing global trade toward new horizons, thanks to its advanced regulatory environment brimming with talent and distinguished personnel, supported by access to capital resources and rewarding growth opportunities."
Bin Sulayem continued, stating that "through successful initiatives such as Dubai’s Digital Transactions Strategy "Blockchain", the Dubai government aims to lead the direction towards adopting blockchain technologies, which will establish a supportive environment for businesses and companies active in the encryption field, reinforcing the emirate's position as a prominent player on the international technology map."
The DMCC, in collaboration with other partners, has laid the foundations for an advanced and supportive regulatory environment to enable encryption companies to conduct their business from Dubai. The Emirates Securities and Commodities Authority will regulate crypto asset trading activities conducted within the free zone. Companies and businesses specializing in encryption will also benefit from the regulatory framework adopted by DMCC, which will enhance business ease without compromising governance standards and practices of transparency.
Ralph Glabischnig, founder of "Crypto Valley Venture Capital" and "Crypto Valley Labs," mentioned that with strong government support and the growing interest from thriving business sectors, Dubai possesses all the capabilities and elements needed to establish itself as an attractive international hub for businesses and companies within the innovative blockchain solutions and applications sector.
He added: "In collaboration with the DMCC, we will work to develop and manage a comprehensive ecosystem in the UAE, starting from the Crypto Center, where a variety of services and solutions will be provided, including support and investment in startups during their early growth phases, in addition to innovation services for corporate and large enterprise clients, as well as educational events and programs on blockchain and entrepreneurship, alongside consulting services aimed at supporting startups in encryption technologies and distributed ledgers to establish their businesses in the UAE and move forward with their growth journey, leveraging our strong ecosystem."
