Innovation and disruption are causing a wave within the Blockchain industry, and the local regulators are supporting its progress.
Essentials:
The ecosystem’s epicenter – DMCC (Dubai Multi Commodities Center) – now houses more than 230 Blockchain-specific organizations
The Entire Crypto Oasis Aims To See Over 1,000 Blockchain Organizations In Its Ecosystem By Q2 2022
The Middle East is officially connected to the global Blockchain ecosystem in a way that expresses community and embodies excellence. Crypto Oasis, the larger ecosystem of Blockchain-related organizations initiated from the UAE, developed a strong foundation for innovative talent inspired by the successful Swiss Crypto Valley environment, as well as the UAE’s forward-thinking inventive leadership.
Proponents of Switzerland’s Crypto Valley, One of the World’s Leading Blockchain ecosystems, partnered with DMCC in January 2020 at the World Economic Forum in Davos. In May 2021, DMCC Crypto Center was launched in full force and with half of the Blockchain-based businesses registered in the Freezone, it forms the core of the community.
“We have decided to bring our experience and expertise in Crypto Valley to the Middle East because we believe in the potential of the region. We’ve seen regulators in the region welcome innovation and disruption, making it easier for Blockchain-related companies to obtain licenses and operate. As of March 2021, this fast-growing ecosystem reached more than 700 organizations operating out of the UAE.” says Ralf Glabischnig, initiator of the Crypto Oasis.
The ecosystem in the UAE builds on the foundations set in motion in 2016 by the Dubai Blockchain Strategy under the Dubai Future Foundation. The founding of Crypto Valley in Switzerland started in 2014 with less than ten Blockchain organizations and by the end of 2021 it had grown to over 1,100 Blockchain related companies with more than 6,000 people contributing to it. With these numbers and rapid growth, Swiss Crypto Valley offers expertise in disruptive technology and it is only natural that such a thriving ecosystem would expand its reach and broaden its horizons.
The organizations operating in the Blockchain space can be categorized into two different types. Native Blockchain organizations, which have Blockchain technology as their primary focus and reason of origin, and non-native Blockchain organizations that offer services or products related to Blockchain and which do not have Blockchain as their primary focus. Indigenous companies are 40% of the total number and non-indigenous companies that have adopted Blockchain are 60%.
Over the past 18 months, talent from around the world has joined Dubai’s always open for business environment. Local and international investments have fueled the emerging Blockchain industry with venture capitalists such as Draper Goren Holm and the Silicon Valley Woodstock Fund establishing their presence in the Crypto Oasis. Local players such as Cypher Capital and GHAF Capital Partners have also started putting capital into the industry.
Growth in the sector will be further supported by forward-looking regulations such as the Dubai Virtual Asset Regulation Law announced on March 9 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, 2022. The first of its kind law to regulate virtual assets in Dubai will provide an advanced legal framework to protect investors and promote responsible business growth within a virtual asset management (VA). The Dubai Virtual Asset Regulatory Authority (VARA) will be responsible for the implementation of this law and will oversee digital transactions and protect users’ personal data.
The significance of Blockchain lies in its inherent transparency, trust and immutability. Our ecosystem embodies these characteristics and provides unique value to our partners. As we work towards our vision for the Crypto Oasis, we look forward to welcoming more organizations and aspiring entrepreneurs to our growing Blockchain ecosystem.
About Crypto Oasis
The Crypto Oasis is the Middle East focused Blockchain ecosystem backed by Crypto Valley Switzerland initiators. Our core elements are Talent, Capital and Infrastructure. Our stakeholders are investors and collectors, start-ups and projects, companies, scientific and research institutions, service providers and government agencies and associations. The vision of Crypto Oasis is to be one of the leading Blockchain ecosystems in the world. Today it is the fastest growing, with over 700 organizations in the UAE alone. Our mission is to grow this to more than 1,000 established organizations across the region by Q2 2022. www.cryptooasis.ae
For more information contact:
Faisal Zaidi
E-mail address: [email protected]
Cell: +971 55 2000 840
Disclaimer: This is a paid post and should not be treated as news/advice.