Dubai crypto valley to be set up in tax free zone soon

Dubai crypto valley to be set up in tax free zone soon

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In the recent World Economic Forum (WEF) meeting in Davos, the Dubai Multi Commodities Centre(DMCC) revealed that there are plans for the Dubai crypto valley project and its construction in the coming years. Along with CV VC and CV Labs, the valley will be created in the tax-free zone. If everything goes according to the plan, it could be the biggest blockchain ecosystem across the globe.

The crypto valley in Dubai will be to nurture the growth of blockchain technology. According to Ahmed Sulayem, the exec. chairman of DMCC, the crypto valley would be a new way to attract more entrepreneurs and will be supported by the government.

Dubai crypto valley- a hub of many services

The Dubai crypto valley won’t be just for investors and startups but it will also accomodate education and training institutions, mentoring, co-working services and other premium services for big corporates. This will be accompanied by bringing in the big guns of the crypto sphere like Tezos, Coreledger, and Inacta.

As of now, DMCC accommodates more than 17000 corporates from all over the world serving 20 different sectors. With the help of CV VC and CV Labs, the crypto valley will enter in the MENA (the Middle East and North Africa) region. Countries like Switzerland in Europe and the Philippines in Asia have their own crypto valleys.

The advantage of having the crypto valley in Dubai’s tax-free zone is that the companies falling under the zone are exempted from paying any kind of taxes. In other words, companies get to keep 100% of the revenue generated.

A couple of years ago Dubai launched its own state-backed cryptocurrency called EmCash. Since then, they have been testing with different crypto-related ideas and they have finally planned to cement their legacy as the largest crypto valley on the planet.

Featured image from Pixabay

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Mihir Sharma

Mihir has always been attracted to finance, crypto, and blockchain. His Chemical Engineering background gave him the edge to make his news reports precise and concise. Leveraging his stint with English Forward News, he looks forward to his next adventure in the cryptosphere.

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