- DMCC free zone in launching a crypto and blockchain hub in Dubai.
- The hub will house a crypto advisory led by CV Labs.
- Also, the UAE’s SCA will regulate crypto activities within the free zone.
Notably, the hub will drive the development and application of cryptocurrency and blockchain technology in the UAE. Also, the hub will house crypto businesses of all sizes including a crypto advisory led by CV Labs. CV Labs worked with the Swiss government-backed ‘Crypto Valley’. Also, the Crypto Valley is responsible for producing leading blockchains like Ethereum and Cardano.
In addition, the hub will include a co-working space, host incubator and accelerator programmes, and provide investment opportunities for early-stage crypto startups. Speaking on the hub launch, CV Labs Founder Ralf Glabischnig noted,
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.
DMCC Executive Chairman and CEO, Ahmed Bin Sulayem, also added that initiatives like the Dubai Blockchain Strategy are helping the Dubai government’s adoption and application of blockchain technologies. Thus creating a business-friendly environment for crypto firms and affirming the emirate’s reputation as a global technology leader.
However, DMCC is not the first Dubai free zone to get the crypto green light. Previously, Dubai Airport Freezone (DAFZA) announced it would begin allowing crypto businesses to operate within its district. Also, the UAE’s Securities and Commodities Authority (SCA) will regulate crypto activities within both free zones.