Dubai has new hub for crypto, blockchain technologies

The Dubai Multi Commodities Centre (DMCC) has launched a new hub for businesses operating in the cryptographic and blockchain sectors.

The DMCC Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms to firms offering, issuing, listing, and trading crypto assets.

It will also house a leading crypto advisory practice led by CV Labs, the entity behind the Switzerland government-backed Crypto Valley.

Crypto entrepreneurs and SMEs can also look forward to co-working spaces and a range of incubator and accelerator programmes at the facility, which is located in The Almas Tower.

DMCC has developed a  progressive and supportive regulatory environment for crypto firms operating in Dubai.

Activities conducted within the Free Zone that include the exchange of crypto assets will be regulated by the UAE’s Securities and Commodities Authority (SCA).

Crypto firms will also benefit from DMCC’s business regulatory framework, which increases the ease of doing business while upholding robust governance and transparency.

.@DMCCAuthority announces the launch of the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. #Dubaihttps://t.co/EilbcqA2Mo pic.twitter.com/atSyV9MfI0

— Dubai Media Office (@DXBMediaOffice) May 24, 2021

A blockchain is essentially a digital ledger of transactions that allows information to be recorded and distributed, but difficult to tamper with.

It's the technology behind cryptocurrencies like Bitcoin.