Prince Hamdan Al Maktoum has announced that Dubai will create its own Crypto Valley, dubbed Dubai Multi Commodities Center (DMCC). The announcement was made at the World Economic Form in Davos.
“The launch of the Crypto Valley in the DMCC will enhance the city’s dynamic business environment and support the broader strategy of the United States Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy. Located at the crossroads of the world, DMCC is a dynamic business hub, “
said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
The DMCC center is described as the “international free zone” where there is no personal or corporate income tax.
International hub of the digital revolution
Dubai plans to set up there
“A variety of services, including incubation for early-stage start-ups, cooperation facilities, innovation services for corporate clients, blockchain training and entrepreneurship, education, events, mentoring and funding.”
The project is developed in collaboration with CV VC and CV Labs.
The goal is for DMCC to serve the entire region, acting as a basis for developing services based on blockchain technology. These will include financial services related to crypto, including tokenization and the like.
The project was launched four years after Sheikh Hamdan Al Maktoum said:
“Dubai will be the first city in the world to conduct government transactions through Blockchain by 2020.”
From 2016 until now, Dubai has been involved in numerous blockchain projects and aims to maintain the international hub of the digital revolution.
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