The DMCC (Dubai Multi Commodities Centre), the entity backed by Dubai government has announced their association with Swiss Crypto Valley Venture Capital to setup a cryptocurrency valley in the free zone of the country where there are no personal, corporate or withholding taxes.

As per the reports revealed on January 27th 2020, at WEF Davos event in the recent past, the DMCC, which is a state-backed unit, has geared up with the Switzerland-based CV VC to establish a sector in the UAE devoted to pushing blockchain and cryptocurrency innovation.

In the era of digital world, the gamut of cryptocurrency has been gaining popularity. The United Arab Emirates (UAE) government is all set to behold a commendable development and a new Dubai Bitcoin exchange has been impeccable.

"DMCC is delighted to sign this agreement with CV VC, and launch the Crypto Valley in Dubai, at the very heart of Dubai's leading business district," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

"Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai. The launch of the Crypto Valley in DMCC will enhance the city's dynamic business environment, and support the wider strategy of the UAE Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy," he added.

At the World Economic Forum in Davos, the pact seeks for DMCC working alongside both CV VC, and its subsidiary CV Labs, with an objective of developing an ecosystem in Jumeirah Lakes Towers (JLT), where DMCC's business district, over 17,000 companies are currently registered.