Dubai will arrive at the landmark “crypto tower” building in 2027. The 17-storey building will be located in Dubai Multi-Commodity Centre (DMCC). According to a blog post by the government entity, the 150,000-square-foot complex will use blockchain technology and smart contracts to handle its tenant management system. The building will also include indoor and outdoor event spaces, an NFT art gallery, dedicated vault storage areas, and a high-end auto dealership.
DMCC’s crypto tower to House Crypto startup, Web3 incubator
A total of nine floors will be dedicated to hosting senior offices for Web3 companies in the tower. Other floors will house venture capital firms, Web3 incubators, an AI-focused initiative, the DMCC said.
Chatoshi.ai will equip the tower with in-house AI services and solutions. Its website shows that the platform operates AI-powered Web3 browsers and search engines.
The tower is expected to be ready in Q1 2027.
“The launch of Crypto Tata is both a reality showcase for the future of Web3, where blockchain technology ensures transparency and ownership, and is also a statement of intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub DMCC Executive Chairman said Ahmed Bin Sulayem, and CEO.
DMCC has partnered with the Real Estate Investment Trust (REIT) to promote the construction of the tower. Speaking about this development, REIT’s Brenda Stratton revealed that every fee associated with the project will be transparent and chained.
She added: “By combining blockchain technology with reality building in Dubai DMCC, we are creating a physical tower that serves as a central hub for the crypto community.”
In March 2022, UAE Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum formally established the Virtual Assets Regulatory Agency (VARA) to monitor Dubai’s Web3. All Web3 players who want to open a store in Dubai are identified by VARA. The human body keeps communicating with the Web3 player and guides them when needed.
With regulatory clarity on the way, Dubai has had a series of Web3-related developments over the past few years.
In March 2024, rules were issued to oversee the operation of Web3 companies setting up shops in the city’s DIFC free zone.
Crypto giants like Binance and Coinbase have also been licensed and strengthened their services in Dubai.
