Dubai is set to create a cryptocurrency valley in the free zone areas – the Crypto Valley. Additionally, the DMCC’s Blockchain Strategy will reduce as much as 20% of the physical paper costs associated with worldwide trade.
The government-backed Dubai Multi Commodities Centre (DMCC), in tandem with the Crypto Valley Venture Capital of Switzerland, has announced a new venture focusing on cryptocurrency. Its aim is to promote growth and innovation in the global blockchain economy.
The DMCC’s Crypto Valley will be the biggest cryptographic environment of its kind in the world, and will offer a range of services for businesses, such as:
- Co-working spaces
- Support and funding for start-up ventures
- Innovation services
- Training in entrepreneurship
- Blockchain training
- Business mentoring
- Funding for enterprises
Attracting businesses from around the world
One of Crypto Valley’s main functions will be to attract forward-thinking enterprises from around the world.
A spokesperson for the government commented: “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.”
The Blockchain Strategy
The collaboration is centred on DMCC’s Blockchain Strategy. The Future of Trade report revealed that blockchain had the potential to reduce as much as 20% of the physical paper costs involved in worldwide trade. This would mean a saving of around $1.8 trillion – which is a real game-changer.
One source of inspiration was The Philippines, which is leading the way in Asia with its Crypto Valley. The new Crypto Valley in Dubai will benefit the entire state, and its headquarters will be located in Jumeirah Lakes Towers, in the business district.
Already, the plans have been met with considerable enthusiasm from investors and entrepreneurs. Ralf Glabischnig, the founder of CV VC / CV Labs, commented: “We are thrilled to move into the MENA region with DMCC as a strong local partner. We 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.”
There are currently over 17,000 companies registered with the DMCC. It’s believed that the introduction of the Crypto Valley will boost this number further, as it provides yet more motivation for companies to invest in Dubai.