The Crypto Tower in Dubai is expected to shape the future of blockchain and AI with a modern space that supports the global crypto community.
Dubai plans to build a 17-story Crypto Tower, expected to be completed in Q1/2027
According to an announcement from the Dubai Multi Commodities Centre (DMCC) - one of the global trade centers, especially in the fields of Block and technology, founded by the Government of Dubai - recently announced a partnership with REIT Development to plan the construction of a 17-story Crypto Tower in the Jumeirah Lakes Towers (JLT) area, Dubai.
The Crypto Tower is expected to be a new step to support the rapidly growing community of Block, DeFi and Web3 companies, strengthening Dubai's position as a global center for innovation and advanced technology.
This tower will also complement the current headquarters of the DMCC Crypto Center at Uptown Tower, and add to the DMCC ecosystem with creative spaces, fostering collaboration and business growth.
DMCC announces the launch of Crypto Tower, a new 17-storey development in #JLT, in partnership with REIT Development. Designed to support #DMCC's fast-growing community of #blockchain, #DeFi, and #Web3 companies, the tower features 150,000 sq. ft. of leasable space including… pic.twitter.com/RAvG05I4d5
— DMCC Crypto Centre (@dmcccrypto) January 15, 2025
The Crypto Tower will integrate advanced infrastructure and modern amenities, along with Artificial Intelligence (AI) technology enhanced by Chatoshi.ai.
In addition, the Crypto Tower will also apply Block technology to optimize transactions and interactions with tenants through on-chain voting mechanisms, shared resources, smart contracts and other automation services. This will enhance transparency, reduce administrative burdens and set new standards in community management.
With a total area of over 150,000 square feet (about 14,000 square meters), the Crypto Tower is expected to be allocated as follows:
- 9 floors of office space dedicated to crypto start-ups;
- 3 floors to support Block incubators and venture capital firms;
- The top 3 floors with an area of about 30,000 square feet (2,787 square meters) for exclusive crypto clubs, providing luxury amenities for networking and collaboration in the Block community;
- 1 floor dedicated to AI companies;
- 10,000 square feet (929 square meters) of indoor event space;
- 5,000 square feet (464.5 square meters) of dedicated secure storage space for valuable assets including gold bars, cash and Cold Storage;
- 3,500 square feet (325 square meters) of outdoor event space;
In addition, the tower will have unique features such as an NFT art gallery, a gold bar shop, and a premium car dealership. Expected to be completed in Q1/2027, the tower will begin operations immediately afterwards.
Dubai is currently a very crypto-friendly region, with the official opening of crypto asset trading following an agreement between regulators in September 2021. The city attracts the Web3 community due to its relatively clear regulations and licensing processes. Crypto exchanges like Binance, Crypto.com and OKX have received approvals in 2023.
On September 09, 2024, the Dubai Virtual Assets Regulatory Authority (VARA) partnered with the UAE Securities and Commodities Authority (SCA) to oversee Virtual Asset Service Providers (VASPs). This agreement allows licensed VASPs in Dubai to expand their operations across the UAE by registering with the SCA.
One of the Dubai government's notable achievements in the crypto sector is the plan to establish a metaverse headquarters in The Sandbox, launched in May 2022.
Compiled by Coin68
