UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC, Dubai MultiCommodities Centre has signed an agreement with South Korea’s blockchain industry, Busan Metropolitan City, to support global development and adoption of blockchain and web3 technologies. 

During a two-day roadshow of Seoul and Busan, DMCC signed a Memorandum of Understanding (“MoU”) with Busan Metropolitan City that will see the two parties work together on connecting the blockchain ecosystems in Dubai and Busan by hosting regular knowledge-sharing events and connecting crypto, blockchain and web3 businesses in the two cities.

During a welcome speech at the Blockchain Week Busan event, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Blockchain and web3 technologies are revolutionizing industries and sectors across the globe, from finance, healthcare and gaming to business operations such as supply chain management and the sale of goods and services. As we solidify the emirate’s position as a global capital for blockchain and web3, it is clear that there is a substantial opportunity for Dubai and South Korea to collaborate more closely to advance the global industry.”

DMCC’s latest MoU with Busan bolsters the free zone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem.

Park Heong-joon, Mayor of Busan Metropolitan City, added, “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

Dubai’s blockchain sector contributes over USD 500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add USD 4 billion to Dubai’s economy.

$14 billion crypto exchange announces MOU with Dubai Virtual asset regulator

$14 billion crypto exchange announces MOU with Dubai Virtual asset regulator

Blockchain.com announced on twitter that it has signed an MOU with Dubai Virtual Assets Regulatory Authority ( VARA)which they say means that soon both retail and institutional clients will be able to access Blockchain.com through Dubai UAE.

The post goes on to add that crypto investors in Dubai and its surrounding regions will soon be able to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients.

Blockchain.com also noted that they are opening a local office and will be hiring in the region. As they stated, “We are also actively pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.”

Already Blockchain.com is licensed in the U.S. and several other European jurisdictions, and is actively pursuing a license in Germany, Netherlands, France, Spain and Ireland. Blockchain.com is valued at $14 billion. 

To date VARA has licensed Binance and FTX with a fully regulated MVP License which is what Blockchain.com is seeking to have. In addition VARA has provided BitOasis, ByBit, CoinMena, CoinMetro, Crypto.com, GCEX, Huobi, MidChains, Rain and OKX with preliminary licenses.

VARA has yet to make an announcement with regards to Blockchain.com

As International crypto exchanges expand their regulatory territory with some hiring, others such as regional crypto exchange RAIN continue to reduce their employee base. RAIN announced a reduction of 20 percent of its workforce in the past weeks.