The partnership between the blockchain associations of the two cities will help to connect businesses and encourage growth in the sector. The Crypto Valley Association, based in Switzerland, will join forces with Dubai’s Crypto Oasis in order to support the development of the blockchain industry.
Crypto Valley Association, based in Switzerland’s self-proclaimed crypto valley, will lead the partnership between its counterpart in Dubai and connect a growing number of blockchain communities in Switzerland.
Ralf Glabischnig founded both associations and played a key role in Zug’s establishment of cryptocurrency and blockchain organizations.
The area was also home to the Ethereum Foundation, Cointelegraph Magazine had previously covered. The partnership between the UAE-based associations and Swiss is intended to create connections between both countries and share information.
Dubai and Switzerland to share information and work together
Faisal Zaidi, Crypto Oasis’ founder, will lead the CVA-led initiative at Dubai. The city already has over 1,100 UAE-based organisations involved in its growing ecosystem. Zaidi spoke out about Dubai’s efforts in following Zug’s lead and promoting blockchain-based products and services in a statement that was released from the announcement.
This alliance will link a fragmented Blockchain world by connecting Switzerland (which is at the forefront in disruptive technology) with the Middle East, who is all set for becoming the new hub of crypto and blockchain.
Dubai authorities center plans to bring blockchain companies to Dubai
CVA announced that it invited the Dubai International Financial Centre, to visit Zug in order to identify potential blockchain organizations that could migrate to the United Arab Emirates.
Dubai Crypto Oasis aims to grow its blockchain and cryptocurrency ecosystem to 1,500 by 2022. CVA’s ecosystem, on the other hand, took almost six years to reach 1,000.
From a regulatory standpoint, Dubai introduced new laws in March 2022 to enhance investor protection and create governance standards for cryptocurrency-related businesses to operate in its jurisdiction.
Around the same period, two major cryptocurrency exchange operators Binance (FTX) were granted licenses to operate and establish their headquarters in Dubai.