| Developers: | Dubai multi-profile commodity and raw exchange (DMCC) |
| Date of the premiere of the system: | January, 2020 |
| Branches: | Information technologies |
Content |
2020: Announcement
By the end of January, 2020 the Dubai multi-profile commodity and raw exchange (DMCC) supported by the government of Dubai announced the beginning of project implementation on creation of the so-called cryptovalley in a tax-exempt zone in the UAE.
DMCC began cooperation with the Swiss company CVVC to create the special sector devoted to promotion of a blockchain and cryptocurrency in the UAE. In the Dubai cryptovalley several objects for joint work, the centers of training for IT specialists who wish to work in the field of a blockchain will be constructed and also economic places will be provided for opening of the cryptographic enterprises.
 | DMCC is dynamic business center which manages trade relations across all Dubai, - — the executive chairman and the CEO of DMCC Ahmed Bin Sulayem noted. — Start of the cryptovalley optimizes the business environment of the city and will support the strategy of the government of the UAE on involvement of entrepreneurs and investors who will define economy in the future. |  |
One of main advantages of DMCC is that the organization is located in one of several "free zones" of Dubai, i.e. is not present should pay personal or corporate taxes. Besides, currency restrictions do not extend to DMCC, and the enterprises save 100% of the earned money.
It means that the enterprises of a blockchain and cryptography which will open doors in DMCC cryptovalley will also have an opportunity to get rid of taxes. It is known that new Kriptodolina will be placed in Jumeirah Lakes Towers (JLT) in the business area of DMCC. The organization is also going to assist in establishment of the general rules of the cryptoindustry in this region. In DMCC about 17,000 enterprises are already registered.[1]
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Notes
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