DMCC Strengthens Ties with South Korea to Support Global Development and Adoption of Blockchain and Web3 Technologies

Through the DMCC Crypto Centre, DMCC and Dubai are playing a key role in advancing the blockchain and web3 industries globally. DMCC’s latest MoU with Busan bolsters reinforces its commitment to building an interconnected blockchain ecosystem. The DMCC Crypto Centre represents the largest concentration of blockchain and web3 companies in the Middle East, with its 450+ members operating across every aspect of the industry, from decentralized finance platforms to developing new metaverse experiences.

Park Heong-joon, Mayor of Busan Metropolitan City, said: “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

In addition to facilitating collaboration in the blockchain space, DMCC’s roadshow also sought to increase ties with the public and private sectors in South Korea to boost bilateral trade, particularly in physical commodities such as tea and coffee.

With supportive crypto regulations and a pro-business environment, Dubai has become a global capital for the development of blockchain and web3 technologies. Dubai established the Virtual Assets Regulatory Authority (VARA) and the corresponding Virtual Assets Law (VAL) to cement the city’s leading position in the sector. Additionally, the recent launch of Dubai’s Metaverse Strategy will see Dubai emerge as the world’s most advanced metaverse ecosystem.

Dubai’s blockchain sector contributes over USD 500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add USD 4 billion to Dubai’s economy.

As previously mentioned, DMCC is the largest free trade zone in the United Arab Emirates ( UAE ), and has been named in the 'Free Trade Zone of the Year' by the Financial Times for eight consecutive years since 2015. Founded in 2002, DMCC started out as a trading partner for metal futures such as gold and silver. It is now the first exchange in Dubai to trade diamonds, and also trades coffee and tea, and is in particular looking at the potential growth of the blockchain industry.