Dubai Multi Commodities Centre has partnered with Switzerland’s Crypto Valley Venture Capital to establish a tax-free cryptocurrency valley with special terms. Dubai Multi Commodities Centre (DMCC) is a government-backed entity established for global commodities trade.
The agreement will have both parties joint work toward a DMCC Blockchain Strategy in line with the UAE Blockchain Strategy 2021. The DMCC Crypto Valley will be headquartered in Jumeirah Lakes Towers, in its business district, media reports said.
The DMCC Crypto Valley will be established in the UAE’s tax-free zone. It will offer an array of services including incubation for startups, coworking facilities, blockchain training, education, events, mentoring and funding, media reports said.
Established in 2002, DMCC aims to boost commodity trade flows across the UAE. Its free zone has several advantages such as 0% personal and corporate income tax.
DMCC announced the launch of the Crypto Valley at the world economic forum held at Davos this year. DMCC said, “DMCC is a dynamic business hub that drives local trade throughout Dubai. The launch of the Crypto Valley in DMCC will enhance the city’s dynamic business environment and support the wider strategy of the UAE government to attract the innovators, entrepreneurs, and pioneers that will shape the future economy.”
In fact, DMCC is located in one of Dubai’s free zones which suggest that it is exempted from paying taxes. It faces no restrictions and allows businesses to retain their revenue as a whole.
Currently, there are more than 17,000 companies registered with the DMCC.