In order to boost South Korea’s status as the center, Dubai Multi Commodities Centre (DMCC) recently announced collaborations with top blockchain and metaverse platforms.
DMCC, a government organization founded in 2002, has a proven track record of investing in the cutting-edge frameworks, infrastructure, and services you require to flourish. It is the largest free-trade zone in the UAE and acts as a commodities market for four key industries: agricultural commodities, energy, steel and metals, and precious metals.
The government body also introduced the DMCC Crypto Centre in 2021, a full ecosystem for companies engaged in the blockchain and cryptographic industries.
According to sources, reputable South Korean blockchain and metaverse companies have signed two Memorandums of Understanding (MoUs) with the DMCC and the Government of Dubai Authority on commodities trade and enterprise. The action aims to make it easier for the nation to become a hub for Web3 enterprises worldwide.
The agreements were made at the Made for Trade Live roadshows held by DMCC in South Korea. The MoUs aim to speed up the global development and use of Web3 technology. Additionally, it has a provision stating that the advancements must be achieved by providing South Korean Web3 businesses with growth prospects by aiding in the establishment of the DMCC Crypto Centre and its new Gaming Centre.
Senior DMCC officials spoke to over 500 South Korean business community members at the two roadshow events in Korean cities to highlight Dubai’s prospects.
South Korea’s Web3 industry is a crucial target market for DMCC due to South Korea’s expanding significance in the world of trade and the DMCC Crypto Centre’s notable growth since its founding.
The UAE’s ambassador to the Republic of Korea, Abdulla Saif Al Nuaimi, spoke to the crowd when he was present. He talked about ways both nations could improve their economic and business connections.
The UAE and South Korea have embraced Web3 and the metaverse enthusiastically. While the UAE has repeatedly reaffirmed its plans for the metaverse, South Korea is developing an identifying system based on blockchain technology. By 2024, the nation is anticipated to replace physical cards with digital identity (ID) based on blockchain technology.
It also aspires to be a hub for cryptocurrency and has already begun moving in that direction. According to data, the UAE is the MENA nation that is attracting the most attention, as the Gulf region’s bitcoin business grew rapidly in 2017.