Dubai’s DMCC & South Korea tie to support global adoption of Web3 tech

By Arya M Nair, Official Reporter
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Zero Two operations in UAE

DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has strengthened ties with South Korea’s blockchain industry to support the global development and adoption of blockchain and Web3 technologies.

DMCC signed a Memorandum of Understanding (MoU) with Busan Metropolitan City that will see the two parties work together on connecting the blockchain ecosystems in Dubai and Busan by hosting regular knowledge-sharing events and connecting crypto, blockchain and Web3 businesses in the two cities.

The Center also attended one of Asia’s largest blockchain events, Blockchain Week Busan, participated in the Korea-International Roundtable for Crypto Exchanges, and held meetings with senior public sector figures to discuss trade, investment, finance and blockchain.

Ahmed Bin Sulayem_DMCC_South Korea sign Web3 Tech agreement
Ahmed Bin Sulayem
Executive Chairman &

“Blockchain and Web3 technologies are revolutionizing industries and sectors across the globe, from finance, healthcare and gaming to business operations such as supply chain management and the sale of goods and services. As we solidify the emirate’s position as a global capital for blockchain and web3, it is clear that there is a substantial opportunity for Dubai and South Korea to collaborate more closely to advance the global industry.”

Through the DMCC Crypto Centre, DMCC and Dubai are playing a key role in advancing the blockchain and Web3 industries globally. DMCC’s latest MoU with Busan bolsters the free zone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem. The DMCC Crypto Centre represents the largest concentration of blockchain and Web3 companies in the Middle East, with its 450+ members operating across every aspect of the industry, from decentralized finance platforms to developing new metaverse experiences.

Park Heong-Joon, Mayor of Busan Metropolitan City, said that “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

In addition to facilitating collaboration in the blockchain space, DMCC’s roadshow also sought to increase ties with the public and private sectors in South Korea to boost bilateral trade, particularly in physical commodities such as tea and coffee.

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