The Dubai government authority has revealed plans to launch a crypto valley in the country’s free zone, meaning corporate or income tax won’t be imposed.
Based on reports, the DMCC (Dubai Multi Commodities Centre), a Dubai government entity enters into a strategic partnership with CV VC and CV Labs, to launch the Crypto Valley.
The governmental entity also claims that it’s the world’s largest ecosystem for cryptographic. As well as, blockchain and distributed ledger technologies in Dubai, United Arab Emirates (UAE).
Ralf Glabischnig the founder of CV VC and CV Labs spoke about the development. He said that the competence from Crypto Valley-based companies supports the ambitious goals and strategy to use blockchain in Dubai and beyond. He also claims that the capital from the MENA region helps build more successful projects and startups, fostering the settlement of new blockchain-focused companies in the UAE.
“We are looking forward to bringing our strong partner from Crypto Valley to Dubai, like CoreLedger, intact, Lykke, and Tezos which are already active in the MENA region,” he added.
What can I expect from the Crypto Valley project?
The DMCC project reportedly follows a design that fosters growth, collaboration, and integrity across the global blockchain economy. Reports also claim that the DMCC Crypto Valley offers a variety of services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients. As well as, blockchain and entrepreneurship training, education, events, mentoring and funding.
Besides, the DMCC in partnership with CV VC, and CV Labs, aims to create an ecosystem in Jumeirah Lakes Towers. The DMCC’s business district currently hosts about 17,000 companies.
Additionally, the partnership aligns with the Emirates Blockchain Strategy 2021. And supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. He’s the Crown Prince of Dubai and Chairman of Dubai Executive Council.
Ahmed Bin Sulayem, the Executive Chairman and Chief Executive Officer of the DMCC commented on the development. He expressed delight concerning the partnership and the launch of the Crypto Valley in Dubai. Furthermore, he claims that the launch of the Crypto Valley in the DMCC enhances the city’s dynamic business environment. Also, supporting the wider strategy of the UAE Government to attract innovators, entrepreneurs, and pioneers that shapes the future economy.
Before now, Dubai-based multi-currency and spot/futures exchange, BTSE, launched Monero (XMR) futures trading, a privacy-focused digital currency.
Also, Huobi implemented new trading Tools to the UAE and Middle East Market. The new trading tools allow customers to trade Bitcoin, Ethereum and other digital assets directly from their smartphones.