The entire world knows that the Free Zone of the Dubai Multi Commodities Center (the “DMCC”) headquartered in Dubai is the leading world center of trade and entrepreneurship in the field of primary commodities.
Today, one may state that the DMCC is going to be one of the leading world centers of Crypto Business. This would be possible owing to the DMCC Crypto Center that was opened in May instant and is a comprehensive ecosystem for the companies operating in the cryptocurrency and blockchain sectors.
The DMCC Crypto Center located in the most modern Almas Tower is a platform for Crypto Business of all types and sizes, from the companies developing trading platforms supporting blockchain to the firms that offer, issue, list and trade in Crypto Assets.
The DMCC Crypto Center has consulting divisions for the field of cryptography located within its premises and headed by CV Labs, which is the organization that provides the basis behind the Swiss government-backed crypto valley and where such industry leaders as Cardano and Ethererum originated.
The DMCC Crypto Center provides a co-working space for entrepreneurs and a number of incubator and accelerator programs.
DMCC participated in the development of a reliable, forward-looking and supportive regulatory environment for the crypto firms operating in Dubai. The UAE Securities and Commodities Authority (SCA) shall regulate the activities that one carries out within the Free Zone and include an exchange of Crypto Assets.
Crypto firms would benefit the DMCC legal framework that facilitates the Ease of Doing Business while maintaining a reliable governance and transparency.
Dubai Multi Commodities Center has a vast experience in using cryptographic technologies and distributed ledger technologies. It has a platform for trading in agricultural products that supports blockchain called Agriota that connects the farmers in India with the consumers in the UAE and the DigitalSugar platform that uses blockchain to perform international sugar trading.
In March 2021, DMCC and SCA entered into a memorandum on understanding to establish a legal and regulatory framework for the companies offering, issuing, listing and trading in Crypto Assets at the DMCC.
DMCC signed agreements with CV Labs and CV VC in 2020 to support the development of the leading crypto ecosystem in Dubai.
The UAE perceive the blockchain technology as a powerful business momentum. The recently published blockchain technology 2021 aims to place up to 50 percent of all government transactions on the blockchain to establish the status of the UAE as one of the leading world economies and emphasize the readiness to adapt to the future technologies and grow together with those.
Owing to a firm support by the government as well as to a big interest on the part of the thriving business sectors, Dubai is prepared to be the global hot spot and a leader in the field of innovative applications of the blockchain. Blockchain may help transform and streamline business processes in numerous industries, from payment transactions and supply chain management to verifying the origin of goods and tokenized goods.
“Crypto and blockchain technologies have an immense potential of transforming global trade and logistics chains. This ideally fits the concept of the DMCC and is one of the key factors behind the opening of the DMCC Crypto Center. Owing to the forward-looking regulatory framework, its pool of talented specialists and the ecosystem that ensures access to capital, recourses and opportunities, the DMCC is an ideal solution for the support of cryptocurrency companies and the development of international trade,” Ahmed Bin Sulayem, DMCC Chairman of Board of Directors and CEO.
