Dubai’s Multi Commodities Center (DMCC) opened a new Crypto Center to accommodate businesses operating in the blockchain and cryptographic sectors, the government-backed entity announced in a statement released on Monday.
DMCC stated that the new center will become a hub for the development and application of these technologies offering businesses a platform to trade, issue, list and offer crypto assets.
In addition, the center is expected to provide co-working spaces for entrepreneurs and SMEs, along with incubator and accelerator programs. A crypto advisory practice led by Swiss government-backed Crypto Valley’s CV Labs is planned too.
Crypto and blockchain technologies have an enormous potential to transform global trade and supply chains.
This is not the first initiative launched by DMCC to create an ecosystem for crypto firms. Earlier this year, it signed a memorandum of understanding (MoU) with the United Arab Emirates’ Securities and Commodities Authority (SCA) to collaborate and better regulate businesses involved in the crypto space.