The government-run Dubai Multi Commodities Centre (DMCC) has partners with Crypto Valley venture capital firm (CV VC) to launch a "Crypto Valley" in the tax-free zone in Dubai.
What Happened
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The deal, signed last week on the sidelines of the World Economic Forum in Davos, will see Dubai building "the world's largest ecosystem for cryptographic, blockchain and distributed ledger technologies," DMCC said in a statement.
The body has typically provided support for the trade of established commodities like diamonds, pearls, gold, tea, and coffee, among others.
What's Next
The "DMCC Crypto Valley," as it is dubbed, will extend similar support and services to cryptocurrency and blockchain companies, including incubation, co-working spaces, innovation services for corporate clients, technology and entrepreneurship training, event organizing, and even funding, according to the statement.
The cryptocurrency ecosystem will be built inside the DMCC's Jumeirah Lakes Towers, where more than 17,000 companies are already registered, the body 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," Ahmed Bin Sulayem, DMCC's CEO said.
The new venture will work in line with the United Arab Emirates government's larger vision of making Dubai the first "blockchain city" in the world by 2021, which includes shifting at least half of its data transaction processing over blockchain.