The Dubai Multi Commodities Centre (DMCC) is a free zone that supports commodities trading and finance. Multiple blockchain companies had already set up as part of the DMCC. To set up the new Crypto Centre, the DMCC partnered with CV Labs, which was involved in creating Switzerland’s Crypto Valley.
Together with the UAE’s Securities and Commodities Authority (SCA), the DMCC is helping to create a regulatory framework.
The UAE has been active in the blockchain arena. Although to date, more on the enterprise blockchain side. In 2018 the UAE set out a 2021 blockchain strategy to save 77 million work hours annually and AED 11 billion (USD 3 billion). Solutions launched include a blockchain platform for healthcare and pharmaceutical data, a corporate and licensing registry, a land registry, and payments reconciliation solution.
While there’s no question that Switzerland’s Crypto Valley created a hive of blockchain activity, as with most startups, many of those companies have struggled financially, especially with the onset of COVID-19, as the press release says.
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