Dubai Multi Commodities Centre (DMCC) recently announced partnerships with leading South Korean blockchain and metaverse platforms to strengthen the country’s position as the hub.
Established in 2002, DMCC is a government entity with a strong record of investment in the innovative infrastructure, frameworks, and services you need to succeed. It is the UAE’s largest free-trade zone that serves as a commodities exchange that deals in four main sectors: precious commodities; energy; steel and metals and agricultural commodities.
In 2021, the government entity also launched DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors.
Sources reveal that the DMCC and the Government of Dubai Authority on commodities trade and enterprise have signed two Memorandums of Understanding (MoUs) with prominent South Korean blockchain and metaverse firms. The move is intended to facilitate the expansion of the country as a hub for Web3 businesses from across the globe.
The deals were signed during DMCC’s Made for Trade Live roadshows in South Korea. The MoUs seek to advance the development and application of Web3 technologies globally. It also includes a clause that the developments should come through affording growth opportunities to South Korean Web3 companies by supporting them in setting up the DMCC Crypto Centre and its new Gaming Centre.
During the two roadshow events in the Korean cities, senior DMCC executives addressed over 500 representatives of the South Korean business community to highlight the opportunities on offer in Dubai.
Considering South Korea’s growing importance in the global trade arena and the significant growth seen by the DMCC Crypto Centre since its establishment, South Korea’s Web3 sector represents a key target market for DMCC.
Abdulla Saif Al Nuaimi, Ambassador of the UAE to the Republic of Korea, attended the event and also addressed the gathering. He discussed opportunities for both countries to enhance bilateral trade and business relations.
UAE and South Korea have both been progressive and enthusiastic toward Web3 and metaverse. While UAE authorities have reiterated their vision for the metaverse numerous times, South Korea is working on a blockchain-based identification system. The country is expected to use blockchain-technology-based digital identification (ID) instead of physical cards for its citizens by 2024.
In addition, it also wants to shine as a crypto hub and has been taking steps in that direction already. Data suggested that of all the MENA countries, the UAE is the one receiving the most attention as the Gulf region’s cryptocurrency market increased exponentially last year.