Dubai is launching a Crypto Valley in their "Tax-Free Zone", where there is no personal or corporate income tax.
A Dubai government authority has announced that with the help of its partners from the Swiss crypto valley, Dubai will offer a variety of services such as incubation for startups, coworking facilities, blockchain training, education, events, mentoring and funding.
As reported by Bitcoin.com, the DMCC (Dubai Multi Commodities Centre), a Dubai government entity, announced at Davos 2020 last Thursday that it is launching a crypto valley in its free zone. DMCC explained that it is “Designed to foster growth, collaboration and integrity across the global blockchain economy,” stating further:
"The ‘DMCC Crypto Valley’ will offer a variety of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding."
Members of the Tax Free Zone can also send all profits made back to their home countries without restriction. In October 2019, DMCC received the Financial Times Fdi magazine’s “Global Free Zone of the Year” award for the fifth consecutive years. A total of 85 global free zones were nominated in the 2019 competition.
Also according to Bitcoin.com, for the crypto valley launch, DMCC is collaborating with Swiss investment company Crypto Valley Venture Capital (CV VC) and its subsidiary CV Labs to develop “a comprehensive DMCC Blockchain Strategy that is aligned with the Emirates Blockchain Strategy 2021, and supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai and chairman of Dubai Executive Council.” The agreement between the companies was signed on the sidelines of the World Economic Forum in Davos.
CV VC and CV Labs founder Ralf Glabischnig stated “We are thrilled to move into the MENA [Middle East and North Africa] region with DMCC as a strong local partner,”.
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.
Photo Credit: Musement.com