DMCC, South Korea to increase ties for blockchain, Web3 – News
DMCC and the city of Busan sign MoU to cooperate for the benefit of the global blockchain industry
Agreement signed during a DMCC roadshow by central South Korean cities Busan and Seoul. — Attached picture
DMCC, the world’s flagship free zone and the Government of Dubai Commerce and Enterprise Authority, has strengthened ties with South Korea’s blockchain industry to support the global development and adoption of blockchain and web3 technologies.
During a two-day roadshow of Seoul and Busan, DMCC signed a memorandum of understanding (MoU) with Busan Metropolitan City that will see the two parties work together to connect the blockchain ecosystems in Dubai and Busan by hosting regular knowledge sharing events and connecting crypto -, blockchain and web3 companies in the two cities.
During the roadshow, DMCC also attended one of Asia’s largest blockchain events, Blockchain Week Busan, participated in the Korea-International Roundtable for Crypto Exchanges, and held meetings with senior public sector figures to discuss trade, investment, finance and blockchain.
During a welcome speech at the Blockchain Week Busan event, Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said blockchain and web3 technologies are revolutionizing industries and sectors worldwide, from finance, healthcare and gaming to business operations such as supply chain management and sales of goods and services.
“As we cement the emirate’s position as a global capital of blockchain and web3, it is clear that there is a significant opportunity for Dubai and South Korea to work more closely together to advance the global industry,” he said.
Through the DMCC Crypto Centre, DMCC and Dubai play a key role in promoting the blockchain and web3 industry globally. DMCC’s latest MoU with Busan strengthens the freezone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem.
The DMCC Crypto Center represents the largest concentration of blockchain and web3 companies in the Middle East, with its 450+ members operating across all aspects of the industry, from decentralized finance platforms to developing new metaverse experiences.
Park Heong-joon, mayor of Busan Metropolitan City, said that Busan has great potential to become a regional hub for blockchain development.
“This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their crypto center and develop a strong crypto ecosystem in Busan. We look forward to working closely with them in the coming months.”
In addition to facilitating cooperation in the blockchain space, DMCC’s roadshow also sought to increase ties with the public and private sectors in South Korea to increase bilateral trade, particularly in physical goods such as tea and coffee.
With supportive crypto regulations and a pro-business environment, Dubai has become a global capital for the development of blockchain and web3 technologies. Dubai established the Virtual Assets Regulatory Authority (VARA) and the corresponding Virtual Assets Law (VAL) to cement the city’s leading position in the sector. In addition, the recent launch of Dubai’s Metaverse strategy will see Dubai emerge as the world’s most advanced metaverse ecosystem.
Dubai’s blockchain sector contributes over $500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add $4 billion to Dubai’s economy.
