At a recent blockchain and Web3 event in Seoul, the Dubai Multi Commodities Centre (DMCC) rekindled its strategic relationship with South Korea to enhance blockchain adoption and Web3 technologies.
Strengthening Global Blockchain and Web3 Adoption
The DMCC penned a Memorandum of Understanding (MoU) with the Busan Metropolitan City at a recent event in Busan and Seoul. The partnership will see the two entities collaborate to link the blockchain spaces in Dubai and Busan through knowledge sharing and other programs between the two cities.
It is worth noting that DMCC is Dubai’s flagship free zone tasked with overseeing the expansion of commodities trading and enterprises. DMCC also participated in one of Asia’s largest blockchain programs, Blockchain Week Busan.
It also attended the Korea-International Roundtable for Crypto Exchanges, alongside meetings with several policymakers to discuss other aspects of the trade.
In his welcome speech at Blockchain Week Busan, DMCC’s Executive Chairman, Ahmed bin Sulayem, emphasized blockchain and Web3 technology’s role in revolutionizing all sectors.
“From finance to healthcare, business operations, gaming, and supply management, there is a new shift in operations from all sectors,” added Sulayem.
Furthermore, the DMCC executive stated:
“The Emirate is a global player in the blockchain and Web3 ecosystems. Therefore, there is sufficient opportunity for the two countries to work closely to advance the growing industry.”
Also read:Leveraging on the DMCC’s Crypto Centre, Dubai and South Korea want to use the latest partnership to strengthen the global Web3 and blockchain industry. Moreover, the MoU with Busan Metropolitan City will further bolster DMCC’s status as the world’s leading free zone. In addition, it will reinforce its drive to create an interconnected blockchain environment.
Meanwhile, the DMCC Crypto Centre has the most extensive collection of blockchain and Web3 firms in the Gulf region. With over 450 members operating across a broad network of different industries, the DMCC holds the key to Dubai’s digital economy dream.
Like Dubai, Like Busan
The Mayor of Busan Metropolitan City, Park Heong-Joon, stated that Busan has the potential to become a regional blockchain hub in Asia. Busan’s investment in Web3 and blockchain technology has dramatically positioned it to compete with others, said Park.
The Mayor added that the partnership with DMCC will allow Busan to replicate the Dubai Crypto Center’s successes and develop a robust crypto space in Busan. “We are excited to join forces with DMCC, and we look forward to working with them in the future,” Park added.
Dubai is home to one of the world’s fastest-growing blockchain regions, as government efforts have attracted international companies and investors. Its favorable digital asset regulations also enhance Dubai’s position as a global crypto hub.
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