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Dubai is set to complete a crypto complex in the coming two years. According to local media reports, REIT Development and DMCC, the premier international business area that propels worldwide trade via Dubai, have announced the opening of the historic “Crypto Tower” in Jumeirah Lakes Towers (JLT).
This 17-story project will help DMCC’s quickly growing network of blockchain, DeFi, and Web3 businesses, solidifying its position as a global center for cutting-edge technology and innovation.
The construction comes in parallel to the rise in use and adoption of crypto related assets in Dubai.
What Will The New Tower Constitute?
In addition to the DMCC Crypto Center’s current offices in Uptown Tower, the new tower will expand DMCC’s ecosystem by providing a cutting-edge area that encourages creativity, teamwork, and business expansion.
Modern facilities and state-of-the-art infrastructure will be seamlessly integrated with Chatoshi.ai’s cutting-edge AI solutions at the Crypto Tower.
Additionally, the tower will have nine stories of offices designed for crypto startups and established companies, totaling more than 150,000 square feet of leasable space.
A special floor will be devoted to artificial intelligence (AI) innovation, supported by Chatoshi.ai, while three more floors will house blockchain incubators, venture capital firms, and investment firms.
Also Read: UAE Exempts VAT Tax On Crypto As Companies Relocate to Dubai
Dubai’s Crypto Adoption Rise
The usage of cryptocurrencies has exploded in Dubai and the MENA region as a whole.
The UAE has already declared that cryptocurrency companies are exempt from paying taxes. Due to this verdict, bitcoin transactions would no longer be subject to value-added tax (VAT), which would alter the UAE’s standing in the blockchain and digital finance sectors.
On the other hand, the UAE has a progressive and business-friendly approach whereas other countries all over the world are having trouble regulating and taxing cryptocurrencies.
By 2025, it is anticipated that there will be 3.78 million users in the United Arab Emirates’ cryptocurrency sector.
Also, the Securities and Commodities Authority (SCA), the federal financial regulator of the United Arab Emirates, and Dubai’s Virtual Asset Regulatory Authority (VARA) have agreed to mutually supervise “virtual asset service providers” (VASPs).
The UAE is demonstrating its willingness to gradually create a balanced environment that promotes innovation while also making sure that the standards are fulfilled by releasing these regulatory amendments.
In this instance, the combination of tax breaks and unambiguous regulations is probably going to draw more blockchain and cryptocurrency companies to the area and alter the global landscape of the digital finance sector.
Read Also: Dubai’s VARA Issues Warning Against Koto Crypto Alleging Lack of Necessary Regulatory Approval