Dubai set to launch its own tax-free “Crypto Valley”
There will be free tax zone in the new Crypto Valley, backed by government of Dubai.
The DMCC, backed by the government of Dubai, has announced plans to replicate Switzerland’s Crypto Valley in a tax-free zone in the UAE.
A separate “Crypto Valley” with an incubator for startups will be created in the Dubai Free Economic Zone
Dubai Multi Commodities Centre (DMCC) announced at the World Economic Forum (WEF) the launch of “Crypto Valley” in Free Economic Zone, in the heart of Dubai’s leading business district. The DMCC explained that the initiative “aims to stimulate growth, cooperation and integrity in the global economy of the blockchain industry.
“The ‘DMCC Crypto Valley’ will offer a variety of services including incubation for early-stage startups, co-working facilities, innovative services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.”
To launch Crypto Valley, DMCC is working with Crypto Valley Venture Capital (CV VC), a Swiss investment company, and its subsidiary CV Labs. The companies intend to develop “a comprehensive DMCC blockchain strategy that is consistent with the UAE bloc strategy until 2021”. The agreement between the companies was signed during the WEF in Davos.
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Published at Wed, 29 Jan 2020 14:09:48 +0000
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