Dubai’s Crypto Centre based in Jumeirah Lake Towers surpasses 500 startup members
In Brief
Over 500 crypto startups were registered with Dubai’s Crypto Center since 2021
The hub is based in the Jumeirah Lake Towers area, the city’s flagship tax-free zone
The Center features a co-working and networking space for blockchain entrepreneurs.
On January 9, the Dubai Multi Commodities Centre shared that its Crypto Centre has registered over 500 crypto startups.
The Dubai Multi Commodities Centre, Dubai’s flagship tax-free zone, launched a crypto hub in 2021. It is located in a skyscraper in the Jumeirah Lake Towers area, which is known for its community vibe, very much in the spirit of tech startups. In fact, the hub features a co-working center and a networking space for blockchain entrepreneurs. In 2022, the Crypto Centre also collaborated with venture fund Brinc to offer members access to the $150 million accelerator fund.
It’s worth noting that the Jumeirah Lake Towers area is the only zone in the Emirates that provides tax advantages for foreign businesses, as personal or company income is not taxed for 50 years. Another benefit of the area is that the Dubai Multi Commodities Centre provides visas for international workers of registered companies.
According to the announcement, approximately 150 startups joined DMCC’s Crypto Centre in 2021, and 343 entered in 2022. The hub is currently the largest concentration of web3 companies in the United Arab Emirates.
Entrepreneurs that wish to register their startups within the DMCC can do so with a copy of their passport, proof of residential address, and a business plan. As of today, there are over 22,000 businesses registered with the Dubai Multi Commodities Centre.
“Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as Web3 and blockchain technologies, commodities, and global trade,”
said the CEO of the Dubai Multi Commodities Centre, Ahmed Bin Sulayem.
Dubai has previously introduced several crypto and web3-themes initiatives. In November 2022, The Crown Prince of Dubai rolled out a 100-day metaverse strategy aimed at government organizations and businesses. With this move, the Sheikh plans to add $4 billion to Dubai’s economy and create 40,000 virtual job places within the next five years.
Read more about Dubai’s web3 initiatives:
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
