DUBAI: Dubai’s DMCC commodities hub has become the second free zone in the emirate to target the crypto sector.
It has launched the DMCC Crypto Center for businesses operating in the cryptographic and blockchain sectors and comes just days after the Dubai Airport Freezone Authority (DAFZA) said it has won regulator approval for the trading of crypto assets.
A recent move by the UAE government to legalize full foreign ownership in some sectors of the UAE economy means that some free zones are now looking to change their business models.
Located in Dubai’s Almas Tower, the DMCC Crypto Center is set to be a hub for the development and application of crypto and blockchain technologies, DMCC said in a statement carried by the WAM news agency.
“Crypto and blockchain technologies have an enormous potential to transform global trade and supply chains,” said DMCC CEO Ahmed Bin Sulayem. “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 Center.”
The DMCC Crypto Center will also house a leading crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley, which has previously spawned Crypto leaders such as Cardano and Ethererum, DMCC said.
A recent move by the UAE government to legalize full foreign ownership in some sectors of the UAE economy means that some free zones are now looking to change their business models.
