Dubai Free Zone unveils its new Blockchain and Web 3.0 Acceleration Program

Dubai Multi Commodities Center (DMCC) has partnered with TDeFi, a consulting firm that specializes in developing Web 3.0 technologies, to launch the new accelerator program for Web 3.0 and Blockchain companies at the Crypto Center of the Free Trade Zone.

The initiative will give startups in the world of Web 3.0 the necessary guidance and hold several sessions centered around cryptocurrency, as well as expand the scope of business by allowing companies to set up their business within the DMCC Crypto Hub, which is considered the web 3.0 ecosystem established in the free zone.

According to the announcement, the one-month acceleration program will be run at least twice over the next 12 months.

In addition, TDeFi will select some blockchain and cryptocurrency firms after each run, to be the beneficiaries of its incubator to gain access to the advisory firm’s services.

Ahmed Bin Sulayem, CEO of DMCC, stated that their partnership with TDeFi will help cryptocurrency startups set up their business in Dubai:

“By providing everything crypto businesses and entrepreneurs need to thrive, we have definitely positioned Dubai as a leading cryptocurrency hub.”

The DMCC Crypto Center has registered more than 500 licensed companies specializing in the world of blockchain and cryptocurrencies since the beginning of 2023, and the free zone stated that it has a tenant base of more than 22,000 tenants in total.

The announcement comes just over a week after Hub71, the Abu Dhabi-based global technology hub, launched its Web 3.0 ecosystem, which aims to accelerate the growth of startups in the UAE capital.

In addition to the above, the venture capital funds participating in the Hub71+ Digital Asset will offer $2 billion in investments initially, with plans to expand their network of digital asset investors.

According to Hub71, First Abu Dhabi Bank (FAB) will identify Web 3.0 companies, entrepreneurs and advanced technologies to help restructure financial services in the metaverse.

Related Articles: The new regulation of virtual assets at the federal level in the UAE is expected to come into effect soon

It is worth noting that earlier this year, the UAE Cabinet issued regulations at the federal level for Virtual Asset and Virtual Asset Service Providers (VASPs).

The Cabinet said that the new guidelines “will support the state’s efforts to provide an attractive investment economy and a suitable financial environment for international companies and institutions operating in the virtual assets sector so that they can provide their services in the country.”