Dubai Push Web3 Ecosystem Growth, blockchain ecosystem partner for DMCC free economic zone. Dubai is taking significant steps to enhance its infrastructure in support of a thriving Web3 ecosystem. The Dubai Multi Commodities Center (DMCC), a key economic zone, has entered into a strategic partnership with the Solana Foundation to provide the necessary blockchain infrastructure.
This collaboration aims to empower DMCC members in the development and expansion of their businesses through blockchain technology. This initiative aligns with the ongoing global efforts, including those within the G20 countries, to establish a standardized framework for cryptocurrencies. Regions like Europe and parts of the UAE, such as Abu Dhabi and Dubai, have taken proactive steps to position themselves as cryptocurrency hubs.
Solana will establish a presence in DMCC’s Crypto Center and commence collaboration with the existing network of 23,000 firms operating within the economic sector. This network includes technology partners, exchanges, government entities, investors, incubators, and service providers.
With an impressive market valuation of $8 billion (approximately Rs. 66,622 crores), DMCC has recognized Solana as one of the world’s leading blockchain platforms. Solana is widely acknowledged for its environmental friendliness and is often compared to Ethereum in terms of its utility.
Ahmed Bin Sulayem, the Executive Chairman and Chief Executive of DMCC, stated, “We are committed to offering complimentary setup and business licensing for projects within the Solana ecosystem. Our members will gain access to a top-tier blockchain platform and dedicated Solana engineering teams, enabling them to elevate their businesses to new heights.”
DMCC boasts that its economic zone hosts the largest concentration of crypto, blockchain, and Web3 businesses in the Middle East and North Africa (MENA) region.
Dan Albert, Executive Director of the Solana Foundation, expressed, “We eagerly anticipate collaborating with CryptoCenter members to integrate them into our blockchain ecosystem and introducing our existing partners to DMCC to facilitate their expansion.”
Earlier this year, Dubai issued regulations allowing corporate firms to engage in crypto-based activities and services, with an associated operating permit fee of $27,000 (approximately Rs 22 lakh).
Furthermore, Dubai is set to house the world’s first Bitcoin-themed hotel, demonstrating its commitment to supporting the digital assets industry.
Solana Labs, the parent company of Solana, plans to provide its users with informative content related to cryptocurrencies, non-fungible tokens, and blockchains, including resources like ChatGPT.