Dubai government authority has announced its intention to launch a crypto valley in the country’s tax-free zone.
It will employ the help of the Swiss crypto valley, collaborating with Swiss investment company Crypto Valley Venture Capital (CV VC) and its subsidiary CV Labs.
And will offer a variety of services such as incubation for start-ups, co-working facilities, blockchain training, education, events, mentoring and funding.
Dubai Multi Commodities Centre (DMCC), a Dubai government entity, made this initiative known at Davos 2020. Where it stated that it is launching a crypto valley in its free zone, at the heart of the city’s leading business district.
DMCC explained that it is “Designed to foster growth, collaboration, and integrity across the global blockchain economy.”
According to reports, the new crypto valley is expected to become the largest ecosystem in the world for cryptographic and blockchain technology.
Executive chairman and CEO Ahmed Bin Sulayem said; “The launch of the crypto valley in DMCC will enhance the city’s dynamic business environment, and support the wider strategy of the UAE government to attract the innovators, entrepreneurs, and pioneers that will shape the future economy.”
Established in 2002, DMCC aims to enhance commodity trade flows through the country. Its free zone offers a range of benefits including 0 percent personal and corporate income tax.
Members can also remit all profits made back to their home countries without restriction. In October 2019, DMCC received the Financial Times FDI magazine’s “Global Free Zone of the Year” award for the fifth consecutive years.
Notably, a total of 85 global free zones was nominated in the 2019 competition.
Situated in the heart of Dubai, DMCC is home to over 100,000 people and 17,000 member companies representing more than 170 countries and 20 business sectors.
The companies range from start-ups to multinational corporations. Also, every month, 170 more companies join DMCC, 95 percent of which are new to Dubai, the authority says.
CV VC and CV Labs founder Ralf Glabischnig also said: “We are thrilled to move into the MENA [Middle East and North Africa] region with DMCC as a strong local partner.”
He further added they are looking forward to bringing our strong partner from crypto valley to Dubai, like Coreledger, Inacta, Lykke, and Tezos which are already active in the MENA region.
With the launch of its own crypto valley, Dubai also joins the company of Switzerland and the Philippines, which have already established their own crypto valleys.
The Philippines’ crypto valley will reportedly soon get its own functioning airport.