Dubai is set to get a landmark ‘Crypto Tower’ building by 2027. The 17-storey building will be located at the Dubai Multi Commodities Centre (DMCC). According to a blog post by the government entity, the 150,000 sq ft complex will use blockchain technology and smart contracts to process its tenant management system. The building will also include an indoor and outdoor event spaces, an NFT art gallery, a dedicated vault storage area, as well as a high-end car dealership.
DMCC’s Crypto Tower to House Crypto Startups, Web3 Incubators
A total of nine floors will be dedicated to hosting advanced offices for Web3 firms in this tower. The other floors will house venture capital firms, Web3 incubators, an AI-focussed initiatives, the DMCC said.
Chatoshi.ai will equip the tower with internal AI services and solutions. The platform operates an AI-powered Web3 browser and search engine, its website shows.
The tower is expected to be ready by Q1 2027.
“The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
The DMCC has partnered with the Real Estate Investment Trust (REIT) to facilitate the construction of this tower. Talking about the development, REIT’s Brenda Stratton revealed that every expense related to this project will be transparent and on-chain.
“By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community,” she added.
In March 2022, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum officially established the Virtual Assets Regulatory Authority (VARA) to monitor Web3 in Dubai. All Web3 players looking to set up shops in Dubai are mandated to identify themselves with VARA. The body maintains communication with Web3 players and guides them when needed.
With the arrival of regulatory clarity, a bunch of Web3-related developments took shape in Dubai over the last few years.
In March 2024, rules were issued to oversee the operations of Web3 firms setting shop at the city’s DIFC free zone.
Crypto giants like Binance and Coinbase also secured licencing and have ramped up their service offerings in Dubai.
