Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

Dubai virtual asset regulator: big Web3 and crypto players will bear the compliance cost for small players

During the Paris Blockchain Week, at the Global regulatory Landscape Panel session, Mathew White, CEO of Dubai’s VARA (Virtual Asset Regulatory Authority) discussed the cost of compliance for smaller crypto and Blockchain firms and the solution he is proposing where big players sponsor the cost of compliance for smaller ones.

White in his contribution during the panel made several points with regards to how he views VARA’s regulatory standpoint.

Firstly, VARA wants to regulate without damaging the presence of nearly 2000 Web3 and crypto companies already present in Dubai UAE. He states, “We seek to set a regulation that we feel anybody can be part of and is not exclusive by nature. We engage with the industry, governments, and continue to do that. While it is still not perfect, there are a number of things we are looking into to make the regime fit for everybody, one of which is how we deal with cost of compliance for small entities.”

According to White, compliance is a costly exercise and not many players have the resources to go and get regulated. His proposal is “looking towards a structure where larger market participants host smaller ones, where the cost of compliance can be borne by the large players.” He adds, “We are on this journey of allowing innovation whilst being able to regulate it.”

White explains that two years ago when he was part of the team building VARA, the Dubai government decided as part of their economic diversification project to prioritize technology and in specific virtual assets.

VARA was established to be able to position Dubai as a hub with financial stability and investor protection in mind.

When the topic of self-regulation through technology came up White acknowledge that he believes that this will one day be possible. He also stated he would be looking into piloting this idea at VARA.

He stated, “No doubt some point in the future it will be available. For the short to medium there will be regulation and it will be significant.”

Earlier this week, Crypto.com became the first international crypto exchange to receive a full license from VARA, while OKX is still awaiting final requirements to receive its full VASP operational license.

A UAE based Social impact fund creates watchdog index for crypto and blockchain

A UAE based Social impact fund creates watchdog index for crypto and blockchain

UAE based Humanity International Investments (HII), social impact fund, has created a watchdog index for the crypto and blockchain ecosystem. The index will serve as a barometer for assessing the socio-economic impact of cryptocurrencies and blockchain projects worldwide, with a keen focus on Environmental, Social, and Governance (ESG) impact.

In a push for ethical investment within the crypto sector, HII’s initiative introduces a rigorous ESG framework. The index is designed to evaluate and rate blockchain entities, crypto tokens and crypto funds based on a multifaceted methodology, incorporating market performance, technology robustness, regulatory compliance, and community engagement, alongside a keen ESG analysis.

The HII index will guide investors towards sustainable, responsible, and socially beneficial crypto ventures.

The HII Blockchain Index recognizes the essential role ESG considerations play within the investment landscape. The aim is to encourage investment in projects that align with sustainability goals and have a meaningful impact, particularly for those at the bottom of the economic pyramid.

“By prioritizing investments that align with broader sustainability goals, the Humanity Blockchain Index will direct the crypto industry towards a future where it holds a sustainable and socially responsible modus operandi”, said Mr. Marcus Dukes, President of HII.

The launch of this index demonstrates HII’s unwavering dedication to closing the income gap for the unbanked and ultra-poor, particularly in Africa.

HII is championing a new investment paradigm – one that values humanity’s future as much as immediate financial returns. This initiative is set to catalyze a shift towards more sustainable business practices in the crypto industry and foster an inclusive and ethically robust digital economy.

“Through our pioneering Blockchain Index, we are setting a new standard for responsible investment in the crypto world. By factoring in a token’s environmental impact, societal contribution, and governance quality, the index ensures investors have a clear understanding of which crypto enterprises are contributing positively to society and which may be falling short,” said Dukes.

The HII Blockchain Index will measure the impact of crypto and blockchain companies on individuals at the bottom of the pyramid, with a particular emphasis on the unbanked population. The index will evaluate how these companies are leveraging technology to provide financial services, increase accessibility, and foster economic empowerment for those who have historically been excluded from the traditional banking system. By focusing on key metrics such as accessibility, usability, and the implementation of projects that directly benefit the unbanked, the HII Blockchain Index aims to highlight and support those entities making tangible strides towards financial inclusion.

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS for blockchain arbitration launches operations in Dubai DIFC

BACS ( Blockchain Arbitration and Commerce Society) has launched its operations in the Middle East with the opening of an office in Dubai, at Dubai International Financial Centre (DIFC). As per the press release, Dubai has become a vibrant ecosystem for blockchain companies, crypto assets, and artificial intelligence, offering significant opportunities for innovation, growth, and global expansion.

As Ignacio Ferrer-Bonsoms, President of BACS, points out, “Dubai is a strategic location for us. As a Digital Chamber of Commerce, we must be here. We want to bring our associates to Dubai and, conversely, we want to accompany Middle Eastern technology companies to the rest of the world. BACS’s presence within the DIFC reinforces its reputation as a world-class financial centre that attracts cutting-edge organizations.“

BACS encompasses a global network with deep industry knowledge and a commitment to responsible innovation.

BACS aims to further elevate Dubai’s profile as a destination for blockchain projects seeking a reputable and well-regulated environment. The arbitration and dispute resolution focus, carried out by the association not by BACS Dubai, will strengthen the DIFC’s legal framework, especially for complex cases involving emerging technologies.

Peter Hulks, CBDO of BACS Dubai, believes that “Dubai is making significant contributions to the world. Dubai is an Innovation Hub. Dubai is actively fostering a culture of innovation and experimentation. They invest in blockchain, AI, and other cutting-edge technologies, which in turn attracts global talent, entrepreneurs, and forward-thinking businesses. This pushes the boundaries of what’s possible and shapes how we think about the future economy.”

He also highlights its strategic location. “Dubai is a bridge between worlds. Located at the crossroads of East and West, Dubai is uniquely positioned as a connector. It facilitates trade, fosters international collaboration, and promotes cultural exchange. This connectivity plays a critical role in breaking down barriers and driving global progress. Overall, Dubai is contributing a fresh perspective, a spirit of innovation, and a commitment to a long-term vision, something increasingly lacking in countries once seen as leaders in these areas. There are many reasons why I call Dubai home, my answer barely scratches the surface.”

Levan Bodzashvili, COO of BACS Dubai, considers Dubai to be a model of tolerance. “Dubai’s diverse, multicultural society is a true melting pot. They’ve created an environment where people from all walks of life can work and live together. This promotes understanding and cooperation in an increasingly interconnected world, serving as an encouraging example.”

He also highlights Dubai’s visionary leadership. “Dubai’s leadership is clear. Their vision is grand and transformative. They’re not afraid to take risks and invest boldly in ambitious projects, often related to sustainability and technology. This drive pushes the limits and inspires others to strive for ambitious goals that can benefit all of humanity.”

The future of BACS is focused on contributing to a healthy and mature blockchain ecosystem. For BACS, reliability and accessibility are key: our arbitration services offer a clear path for dispute resolution, essential as this industry grows. 

Our goal is to simplify things, helping businesses understand and confidently explore blockchain’s potential. BACS is actively working on expanding its network to key markets, forging new alliances, and learning. BACS will be a practical force for good, advocating for responsible adoption and ethical practices within the blockchain space.

Some of the key advantages BACS offers to companies working with new technologies include:

– Risk Mitigation: New technology, especially in the blockchain space, carries inherent risks. We help companies understand those risks, both legal and technical, and implement strategies to mitigate them. This can save them from costly mistakes and protect their reputation.

– Dispute Resolution: When conflicts arise (and they inevitably will), BACS offers a specialized arbitration platform. This provides a faster, more cost-effective, and often more private alternative to traditional litigation, keeping projects on track and avoiding public disputes.

– Knowledge & Expertise: The BACS team has deep experience in blockchain, crypto assets, and AI. Companies venturing into these areas benefit from our insights, practical guidance, and connections to a global network of experts.

– Trust Factor: Working with BACS adds legitimacy to a project. It shows a commitment to transparency, fair play, and responsible innovation. This can be crucial for attracting investors, partners, and building a positive reputation in the industry.


BACS is like the steady hand on the wheel. Companies can focus on innovation, knowing that BACS has their back in managing the challenges that come with using cutting-edge technologies.

The announcement comes as more Blockchain, AI and Web3 startups gravitate towards DIFC.

UAE Phoenix Group pays $2.5 million for a 12.5% stake in Rekt Web3 gaming company

UAE Phoenix Group pays $2.5 million for a 12.5% stake in Rekt Web3 gaming company

UAE based Phoenix Group, an ADX-listed crypto firm has bought 12.5% stake in UAE based Rekt Studios, a Web3 gaming firm that utilizes NFTs. The purchase agreement was approved by Phoenix board in a $2.5 million transaction. The acquisition will be executed through Phoenix’s wholly-owned subsidiary, Phoenix INV Holdings.

Cypher Capital also invested $1.5 million in Web3 Rekt Studios back in December of 2022. There is notably a close affiliation between the founders of Cypher Capital and Phoenix Group.

In February 2024, UAE Phoenix Group, acquired valued at more than half a million dollars ($577,074) in one of its related parties, Phoenix Technology Solutions B.V. based out of the Netherlands.

In addition Phoenix group spent over $500 million in BTC Mining machines.

The crypto conglomerate additionally snagged a 25% stake in UAE-based content monetization platform Lyvely in December 2023, after debuting on the ADX at the start of the month to a strong investor appetite, which saw shares soaring 35% on the first day of trading.

Phoenix Group has also invested in M2 the latest crypto exchange to receive a license in UAE from ADGM.

About Phoenix: The company owns 23 businesses and nine crypto mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.

Arts DAO Web3 Festival returns to UAE with digital art NFTs and more

Arts DAO Web3 Festival returns to UAE with digital art NFTs and more

Arts DAO Festival, a Web3 cultural event in the MENA region, is returning to the UAE on April 20-21, 2024. The Agenda will host this event, standing as a hub for digital art enthusiasts and internet culture aficionados alike. Attendees are promised an immersive and unforgettable journey, highlighting the boundless creativity and innovation that define the digital art domain.

This year’s edition of Arts DAO Fest will offer experiences designed to engage, inspire, and enlighten. From awe-inspiring digital art exhibitions to interactive workshops, a gaming zone, and a party-like festival, the event provides a unique platform where culture intersects with technology, fostering a space where creativity and innovation can flourish.

Arts DAO Fest also unveiled their initial speaker lineup – an assembly of visionaries and pioneers from various sectors, including NFTs, gaming, investment, and technology. Each speaker brings a wealth of knowledge and insights, promising to shine a light on the diverse aspects of the Web3 ecosystem.

Each Arts DAO Fest 2024 Zone is meticulously curated to offer a complete exploration of digital culture, allowing attendees to dive deep into art, technology, gaming, music, and investments.

The Creator Zone is an interactive wonderland featuring an array of NFTs and captivating installations. Attendees can explore the forefront of digital creativity, offering a tangible connection to the collections that define our era.

The Talk is designed for both newcomers and seasoned digital specialists. It offers insightful discussions led by some of the world’s foremost leaders in the field. Participants will have the chance to engage in dialogues that deepen their knowledge and expand their perspectives on the digital future. 

“The heart of Arts DAO Fest lies in the exchange of ideas and the spark of innovation. We have designed a gathering where the brightest minds in digital culture come together to share insights and connect on a different level,” underscored Danosch Zahedi, Co-Founder and CEO at Arts DAO Fest. “Whether you’re just beginning your journey or you’re a seasoned expert, there’s something here to expand everyone’s horizon.”

The Gamer Zone presents a next-generation gaming experience. Here, attendees will find themselves in a gaming adventure, where the virtual worlds they explore are as boundless as their imaginations. This zone is designed to elevate the gaming journey of competitive players and casual enthusiasts alike.

The Beat is where electrifying DJs and live performers set the stage for an unparalleled auditory journey. This vibrant space is the heart of the festival’s lively spirit, inviting attendees to lose themselves in music and dance, creating memories that will last a lifetime.

Speakers’ Roster

ArtsDAO is honored to present the opening lineup for the 2024 event:

Zeneca, Web3 Thought Leader & Founder of Zenacademy, is renowned for his deep insights into the Web3 ecosystem. His commitment to education and onboarding new users into Web3 has made him a must-follow for anyone venturing into the Web3 space.

Punk6529, Web3 Thought Leader, is celebrated for his visionary perspectives on the digital future. With an influential voice in the NFT space, his contributions continue to shape the evolving landscape of digital ownership and art. 

Tristan Yver, Co-Founder of Backpack and MadLads,  has reinvigorated the Solana ecosystem, breathing new life into the digital landscape and showcasing exceptional talent for sparking innovation and rallying community engagement with vibrant enthusiasm.

Poopie, Co-Founder at Doodles, stands at the creative forefront of the NFT revolution. His work with Doodles has not only popularized digital collectibles but also fostered a vibrant community around blockchain-based art. 

Clement Chia, Co-Founder of Imaginary Ones, merges creativity with technology, innovating at the dynamic intersection of entertainment and NFTs. His vision brings digital art and collectibles to life, engaging communities in unprecedented ways.

Farokh, Co-Founder and President of DASTAN, home of RugRadio and DecryptMedia, has launched platforms that are not just sources of news and entertainment but also critical educational resources for the Web3 community. His transparency and consistency over the years have made him a cornerstone for those looking to navigate Web3 fully.

Wale.Swoosh, Web3 Thought Leader, is known for his strategic insights into the blockchain industry. His expertise and forward-thinking have made significant impacts on the adoption and understanding of Web3 technologies.

Minh Do, COO at Animoca Brands, plays a pivotal role in driving innovation within the blockchain gaming sector. His efforts have been instrumental in establishing Animoca Brands as a leader in the immersive Web3 gaming experiences.

Eowyn Chen, CEO Trust Wallet, is at the forefront of making cryptocurrency accessible and secure for users worldwide. Her leadership is critical in Trust Wallet’s mission to provide a safer, more user-friendly platform for managing digital assets.

Sergej Kunz, Co-Founder of 1INCH Network, has been a transformative force in decentralized finance (DeFi). His work with 1INCH Network is revolutionizing how users interact with DeFi services, prioritizing efficiency and security in digital transactions.

“Our speakers are at the vanguard of Web3, each bringing a unique perspective. We’re proud to host such a diverse array of visionaries who are not just shaping the future of digital culture but are also eager to share their journey and insights with our attendees,” highlighted Danosch Zahedi, Co-Founder and CEO at Arts DAO.

As the largest Web3 cultural gathering in the MENA region, Arts DAO Fest invites artists, creators, investors, and enthusiasts from around the globe to join in celebration of digital art’s vibrant future. This event not only highlights the incredible talent and potential within the digital art world but also serves as a pivotal moment for the Web3 community, fostering connections and collaborations that will shape the trajectory of digital culture.

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

Crypto derivative exchange BioFin sponsors Token2049 event in Dubai

BioFin, a crypto derivatives exchange is sponsoring the Token2049 event in Dubai UAE. As per the press release, this sponsorship marks a significant milestone for BloFin, following its successful participation as a Gold Sponsor at TOKEN2049, in Singapore in 2023. It is dedicated to furthering the blockchain industry’s growth and development by partnering once again with TOKEN2049.

As a Platinum Sponsor, BloFin aims to showcase its commitment to innovation, technology, and community engagement within the blockchain ecosystem. TOKEN2049 Dubai 2024 promises to be a gathering of industry leaders, innovators, and enthusiasts from around the world, and BloFin’s sponsorship underscores its position as a key player in shaping the future of blockchain technology and digital asset trading.

BloFin’s exclusive WhalesNight AfterParty is poised to make waves. Scheduled to be held at the scenic Sobe Dubai Rooftop Sundowner, the event will commence at 19:30 (UTC+4) on April 18, 2024.

The BloFin WhalesNight AfterParty will bring together industry leaders, BloFin Whales (influencers), and BloFin VIPs from around the world. Attendees can look forward to engaging discussions, exciting news, and valuable networking opportunities in a vibrant and dynamic atmosphere. It will serve as a platform for participants to connect, share insights, and explore new opportunities in the ever-evolving cryptocurrency landscape.

With years of experience in the blockchain industry, Matt Hu, the CEO of Blofin, is anticipating this opportunity and recognizes the significance of attending TOKEN 2049 in Dubai as a platinum sponsor for his product: 

“Bitcoin is being heralded as the modern-day gold, while Dubai is on the rise as the world’s new financial epicenter. Dubai Token2049 presents an unparalleled platform for dialogue, not just for us, but for global users as well. As one of the most rapidly expanding exchanges, BloFin is excited to showcase our breakthroughs in product innovation, cutting-edge technology, and unparalleled security  measures. We’re not stopping there; BloFin is committed to ongoing investment in our product suite, technological advancements, security protocols, and operational efficiencies to ensure our users receive nothing but the most exceptional and dependable services. Join us at Dubai Token2049 to witness the future of finance, today.” 

Attendees at TOKEN2049 in Dubai will have the opportunity to delve into the diverse features of the Blofin ecosystem, spanning fiutures trading, copy trading, and more. Through interactions with experts, Web3 builders, thought leaders, and enthusiasts at TOKEN2049, BloFin aims to forge a robust foundation for the advancement and maturation of the blockchain ecosystem.

Bitget crypto exchange reveals crypto statistics as it courts the MENA region

Bitget crypto exchange reveals crypto statistics as it courts the MENA region

Bitget crypto exchange released some statistics on how MENA investors anticipate Bitcoin halving on its price as well as information from Bitget’s managing Director on crypto mining in the region as it courts MENA crypto traders, investors, and regulators.

As per the Bitget study 80% of MENA investors believe that bitcoin halving will lead to price fluctuations between $30,000 and $60,000 at the time of halving.

In addition, 82% of crypto investors residing in MENA who were surveyed intend to augment their investments in 2024 with merely 4% planning to reduce their crypto holdings.

Bitget Managing Director Gracy Chen has revealed that the MENA region bitcoin mining hashrate now exceeds 8 percent and is expected to grow as miners migrate from countries with regulatory instability towards low-cost reliable surplus of energy.

She notes that in Oman for example $1.1 billion of investment has gone into crypto mining, she expects as such the share of bitcoin mining in MENA to go over 15%.

Crypto exchange Bitget, with roots in India has been courting the MENA region for some time. While the crypto exchange has yet to receive a license from any GCC or MENA regulator, it has launched a Ramadan campaign to celebrate the holy month with its Arabic speaking audience. The campaign includes daily token giveaways along with the chance to win airpods, headsets, laptop, smartwatch and more.

As per the release, to make this program inclusive, Bitget will be donating $1 towards charity for each winner during the campaign timeline. Users who follow Bitget MENA on Twitter can utilize #BitgetRamadanChallenge to get noticed and win exciting rewards. Giveaways will be settled every Saturday and requires users to complete a set of challenges to be eligible for the event.

“Middle east and North African regions have increased its crypto adoption drastically in recent times. At Bitget we plan to leverage our resources to strengthen this growth. With regional specific campaigns, language support, crypto conversion and trading choices, we’ve tailored our app for our MENA users. The region is bound to grow and increase its adoption, and we’re here to fuel it,” says Vugar Usi Zade, COO at Bitget.

Back in November 2023, Bitget, even expanded its support for fiat gateways in the Middle East region. The crypto exchange announced that users can now utilize the platform’s peer-to-peer trading for seven currencies: DZD (Algerian Dinars), BHD (Bahraini Dinars), TND (Tunisian Dinars), JOD (Jordanian Dinars), QAR (Qatari Rials), MRU (Mauritanian Ouguiyas), and OMR (Omani Rials).

With the newly added fiat support, Bitget users can start buying and selling crypto with zero fees on Bitget P2P. Users can purchase USDT with integrated local currencies using local payment methods from anywhere globally via Bitget P2P. The exchange also launched Arabic lingual support for its website and mobile application.

At the time Chen noted, “Our products are aligned with Bitget’s expansion plans in the Middle East. We want to enable our traders to trade in their preferred fiat currencies. With Bitget P2P we’re enabling a seamless and convenient trading experience for our valued users in the region. We’re focused on driving financial sovereignty as we make crypto accessible and user-friendly throughout the globe.”

Bitget confirmed that it had begun exploring license applications in order to operate in target Middle East markets. In the same press release it stated, gaining proper licenses and regulatory approval is a top priority to support expansion and allow the company to open regional offices. Bitget has been scaling its operational reach globally in recent months, including the registration as VASP (Virtual Asset Service Provider) in Poland and similar crypto registration in Lithuania. The new expansion plan in the Middle East region aligns with Bitget’s vision of spreading crypto’s mass adoption.

In 2023 Bitget announced opening of operations in Dubai UAE, and recruiting over 60 new staff members to fill back-office positions.

Bitget even has its own X channel for the MENA region where it is posting competitions and challenges.

Bitget is now rated as the number 12th crypto exchange in world, with more than $2 billion worth of trading as per CoinMarketCap.

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai cyber security firm FearsOff secures crypto exchanges HTX and Poloniex

Dubai based cyber security firm, FearsOff has partnered with HTX crypto exchange and Poloniex crypto exchange to secure and protect those crypto exchanges.

This partnership aims to improve HTX and Poloniex’s existing security infrastructure with asset and data protection by integrating FearsOff’s specialized expertise while ensuring the safety of user assets and data by addressing specific security challenges collaboratively.

According to the recent Kucoin Survey , The Cryptoverse, Understanding Crypto Users in the UAE, which revealed insights into the UAE’s role as a crypto hub, it was found that 48 percent of UAE crypto users are concerned about lack of trust in crypto exchanges, with 63 percent of them prioritizing security

The Chief Operating Officer at FearsOff, Marwan Hachem, commented “We’re thrilled to partner with HTX and Poloniex, and commend their leadership for taking proactive measures to be one step ahead of future threats. Often, the best defense is a good offense; this collaboration enables us to identify and neutralize potential vulnerabilities before malicious hackers can exploit them, thereby preventing future breaches.”

Prior to its official Dubai debut in 2022, the FearsOff core team of veteran ethical hackers collaborated for over 15 years on hundreds of projects. One key to FearsOff’s success is integrating deep research into innovative, proprietary tools and software, enhancing assessment capabilities.

This comes as more and more exchanges in the UAE are receiving regulatory licenses.

Cardano Summit to be held for second year in Dubai

Cardano Summit to be held for second year in Dubai

As Cardano Foundation gears up for its upcoming Cardano Summit which will be held once again in Dubai UAE between October 23rd-24th, Cardano news is buzzling in the UAE, with the announcement that the UAE police have piloted Cardano blockchain.

As per Cardano press release, the decision to host the Cardano Summit in Dubai once again pays homage to the city’s rich tradition of facilitating commerce and connectivity, plus driving forward technological innovation. Dubai has consistently ranked as one of the world’s most influential crypto hubs, with an encompassing blockchain strategy that makes the city a key region for the blockchain sector. By hosting the Summit in Dubai for the second year, the Cardano community will have the opportunity to tap into the innovation showcased at the Summit last year, strengthening connections, and building new relationships in one of the nerve centers of the blockchain world.

In addition, Cardano in its press release made it clear that Dubai in particular has deployed Blockchain in several key sectors. The Cardano Foundation’s CEO, Frederik Gregaard, commenting on the importance of the Summit 2024, said: “This is shaping up to be an exciting year for blockchain, with adoption across a wide range of sectors growing significantly. Dubai, in particular, has deepened the strategic deployment of blockchain in several key sectors, and we are thrilled to host the Cardano Summit in Dubai for the second time. Year on year, the Summit has proven to be invaluable in building connections, consolidating relationships, and catalyzing innovation.”

This comes at the heels of the announcement made by Chris O, the Founder of the Cardano GhostFund DAO, that Dubai police had submitted a Cardano based pilot project holding data management capabilities. As per Chris O’s X statement, “The project analyzed the secure sharing of sensitive data related to criminal investigations with authorities such as Interpol. The presentation of the Cardano integrated project highlighted the high level of security involved in sharing the scans of bullets in concrete obtained through an advanced scanner. Using the blockchain, significant forensic information was distributed safely among international stakeholders worldwide.”

He adds, “The blockchain ensures that the data is not tampered with and can be tracked among various stakeholders. This is an ideal use case for blockchain & Cardano. Ensuring data can be securely shared and managed in a decentralized network is becoming more and more relevant in industries from energy, defense to IoT.”

Few days earlier on March 4th 2024, EMURGO Africa, the investment and commercial arm of Cardano in Africa, announced the launch of EMURGO Labs, a dedicated development entity for emerging Web3 technologies. EMURGO Labs is designed to support the growth of established and nascent Web2 and Web3 organizations. EMURGO Labs is set to spearhead the digital transformation across borders, leveraging the transformative power of the Cardano blockchain.

Dubai’s DMCC now home to 600 crypto blockchain companies

Dubai’s DMCC now home to 600 crypto blockchain companies

DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022 DMCC had announced that it had 500 crypto blockchain entities registered in its freezone.

In total Dubai Multi Commodities Centre (DMCC) has enrolled 2,692 new companies in 2023, taking the total number of companies in DMCC to over 24,000.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower have driven DMCC’s 2023 growth story.

DMCC accounted for 11% of Dubai’s total FDI inflows. As per the 2023 annual report, DMCC became a hub for trading of commodities such as diamonds, and precious stones, gold, as well as a hub for high value services such as crypto, gaming and Web3.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “For DMCC, 2023 showcased its ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai. With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

 The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

Two core growth sectors for DMCC show promising opportunities in 2024 are the Gaming Centre and the impending launch of a new AI Centre. Over the past year, DMCC’s Gaming Centre doubled in size to reach almost 100 members at the year end.