Dubai's Crypto Valley and Tax Free Zone
Established in 2002, DMCC aims to enhance commodity trade flows through the country. Its free zone offers a range of benefits including 0% personal and corporate income tax. Members can also remit all profits made back to their home countries without restriction. In October 2019, DMCC received the Financial Times Fdi magazine’s “ Global Free Zone of the Year ” award for the fifth consecutive years. A total of 85 global free zones were nominated in the 2019 competition. Situated in the heart of Dubai, DMCC is home to over 100,000 people and 17,000 member companies representing more than 170 countries and 20 business sectors. The companies range from startups to multinational corporations. Every month, 170 more companies join DMCC, 95% of which are new to Dubai, the authority says. DMCC (Dubai Multi Commodities Centre), a Dubai government entity, announced at Davos 2020 on Thursday that it is launching a crypto valley in its free zone, at the heart of the city’s leading...