Innovation, Foresightedness, Futuristic approach and a never-ending determination to pave the way for experimentation in new fields of Artificial Intelligence, Corporate Diversity and Inclusiveness and not to mention CryptoCurrency; Dubai has clearly crossed it all off its bucket list.
Not only is Dubai the Alpha Emirate of the UAE but it is also the most enthusiastic Emirate of its remaining six sibling emirates in terms of business setup in Dubai.
While investors are preparing to hedge their investments in the various offerings of Dubai’s business market, the Alpha Emirate prepares to face a busy decade ahead of itself. Kickstarting with the most awaited global phenomenon of the year - the Dubai Expo 2020 and moving on towards upgrading the DIFC and implementation of the Emirates Blockchain Strategy in 2021.
Crypto Valley in Dubai – The Story So Far
Now that we have the attention of the curious cryptocurrency and blockchain technology enthusiasts, it's time to tingle those intriguing thoughts. The news went global early this year in January 2020 when the Dubai Multi Commodities Centre (DMCC) announced a newly signed partnership with CV VC and CV labs.
The partnership was signed at the World Economic Forum in Davos. The objective behind this partnership is to launch the Dubai Free Zone Crypto Valley, the world’s largest cryptocurrency ecosystem for blockchain technology research, cryptographic developments and distributed ledger technology development.
DMCC plans to partner with CV VC and its subsidiary CV labs to establish a crypto ecosystem in Dubai’s Free Zone, namely Jumeirah Lakes Towers. This venue also happens to be DMCC’s prime business location where above 17,000 companies have registered as we speak. DMCC has been a hub for global trade operations in the UAE and is an essential contributor to the Emirati Economy.
Though it is a well-recognized business district under DMCC that supports the overall business scenario in Dubai, the ambitious plans of the DMCC are aimed to create a sustainable environment for working on cryptocurrency including development, trading and blockchain management.
As claimed by the DMCC, this plan will attract innovators, entrepreneurs, investors and pioneers in the field of CryptoCurrency to become a part of UAE’s growing crypto market.
In the earlier stages prior to the announcement of the Dubai Crypto Valley, DMCC had released a report to the general public where it stated that the progressive development and acceptance of cryptocurrency in trade operations will reduce more than 20% of tangible paper currency transactions on a global scale.
The number that was quoted to this percentage by the DMCC was a whopping 1.8 trillion USD.
Services Offered by the DMCC Crypto Valley
The goal may be to foster growth and development to the pioneers in the field of cryptocurrency but that does not mean that the Crypto Valley will not go above and beyond the basic expectations and pull off some deliverables.
DMCC promises to provide a variety of services to the client companies planning to establish their footfall in the market. These services include –
- Incubation for adolescent phases of start-ups
- Co-working office spaces
- Innovation empowerment
- Corporate services
- Blockchain training and awareness
- Entrepreneurship Development and mentoring
- Funding Activities
- Events for communication and networking
A Positive Step towards a Crypto Empowered Economy
The agreement signed by both parties obligates the parties to design a plan of implementation namely the DMCC Blockchain Strategy which is in alignment with the regulations of the Emirates Blockchain Strategy 2021 and not only supports but also boosts the agendas of the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
The future is bright for business owners and Dubai and also for aspiring entrepreneurs that wish to enter the Emirati business scenario.
Though there might be a few administrative obligations that one would have to mandatorily fulfil to set up business in the UAE. We at Commitbiz possess a dedicated workforce assisting clients in company incorporation services, company secretarial services and so on. Contact us, to know more on how to set up business in the UAE.