The Dubai government has announced plans to launch a crypto valley in the Dubai freezone. The area will be padded with several crypto-forward activities and will not require people to pay any personal or corporate income tax.
At the World Economic Forum 2020 (WEF) in Davos, Switzerland, the development was revealed by the Dubai Multi Commodities Centre (DMCC). According to the announcement, the purpose is to encourage growth, development and proper networking within the global blockchain economy.
The DMCC Chairman and CEO Ahmed Bin Sulayem said the development will do great things for crypto in Dubai. He said:
“The DMCC Crypto Valley will offer a variety of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.”
The Chairman further added that the crypto valley will be great for Dubai’s business environment and directly falls in line with the UAE government’s plan to attract businesses, entrepreneurs and innovators into the region.
The DMCC currently “houses” more than 100,000 people with over 17,000 companies. These companies originate from over 170 countries and are scattered across at least 20 business sectors. The DMCC also touched on the growth of the centre, saying that more than 150 new companies are on-boarded to the DMCC every month. The Centre was started back in 2002.
In October last year, the Dubai Department of Economic Development announced a unified business registry powered by blockchain technology.
Image Credits: Pixabay