Innovation and disruption are triggering a push within the blockchain industry, and local regulators are supporting progress.
- The epicenter of the ecosystem – DMCC (Dubai Multi Commodities Center) – now hosts more than 230 Blockchain-specific organizations
- Entire Crypto Oasis Aims to See 1,000+ Blockchain Organizations in Its Ecosystem by Q2 2022
The Middle East has officially connected to the global blockchain ecosystem in a way that expresses community and embodies excellence. Crypto Oasis, the largest ecosystem of Blockchain-related organizations launched from the United Arab Emirates, has developed a solid foundation for innovative talent inspired by the thriving environment of the Swiss Crypto Valley, as well as the inventive leadership before -gardener of the United Arab Emirates.
Supporters of Crypto Valley in Switzerland, one of the world leaders in Blockchain ecosystems, entered into a collaboration with DMCC in January 2020 during the World Economic Forum in Davos. In May 2021, the DMCC Crypto Center was launched in full force and is, with half of the Blockchain-based companies registered in the Freezone, the heart of the community.
“We decided to bring our experience and expertise from Crypto Valley to the Middle East because we believe in the potential of the region. We have witnessed how regulators in the region welcome innovation and disruption, making it easier to license and operate for blockchain-related businesses. As of March 2021, this rapidly growing ecosystem has grown to over 700 organizations operating out of the UAE. says Ralf Glabischnig, initiator of the Crypto Oasis.
The UAE ecosystem builds on the foundations laid in 2016 by the Dubai Blockchain Strategy as part of the Dubai Future Foundation. The foundation of Crypto Valley in Switzerland started with less than ten Blockchain organizations in 2014, and by the end of 2021 had grown to over 1,100 Blockchain-related businesses with over 6,000 people contributing. With these numbers and rapid growth, Swiss Crypto Valley offers expertise in disruptive technologies and it is natural for such a thriving ecosystem to expand its reach and broaden its horizons.
Organizations active in the Blockchain space can be divided into two different types. Native Blockchain organizations, which have Blockchain technology as their primary purpose and reason for origin, and non-native Blockchain organizations which offer Blockchain-related services or products and do not have Blockchain as their primary purpose. Native companies represent 40% of the total number and non-native companies that have adopted Blockchain are 60%.
Over the past 18 months, talent from all over the world has joined Dubai’s “always open for business” environment. Local and international investment fueled the future Blockchain industry with venture capitalists such as Draper Goren Holm and Silicon Valley’s Woodstock Fund establishing their presence in the Crypto Oasis. Local players like Cypher Capital and GHAF Capital Partners, among others, have also started deploying capital in the industry.
The industry’s growth will be further supported by forward-looking regulations such as the Dubai Virtual Assets Regulation Act, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates States and Ruler of Dubai on March 9. 2022. The first-of-its-kind law to regulate virtual assets in Dubai will introduce an advanced legal framework to protect investors and promote responsible business growth within virtual asset (VA) industry governance. The Dubai Virtual Asset Regulatory Authority (VARA) will be responsible for the implementation of this law and will monitor digital transactions and protect users’ personal data.
The importance of Blockchain lies in its inherent transparency, trust, and immutability. Our ecosystem embodies these characteristics and offers unique value to our partners. As we work towards our vision for Crypto Oasis, we look forward to welcoming more organizations and aspiring entrepreneurs to our growing Blockchain ecosystem.
About Crypto Oasis
Crypto Oasis is the Middle East-focused Blockchain ecosystem backed by the initiators of Crypto Valley Switzerland. Our key 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 entities and associations. Crypto Oasis’ vision is to be one of the leading Blockchain ecosystems in the world. Today, it is the fastest growing, with over 700 organizations in the United Arab Emirates alone. Our mission is to grow this number to over 1,000 established organizations in the region by the second quarter of 2022. www.cryptooasis.ae
For more information contact:
E-mail: [email protected]
Cell: +971 55 2000 840
Disclaimer: This is a paid publication and should not be considered news or advice.