Editor’s Note
Ahmed Bin Sulayem, Chairman of the Dubai Multi Commodities Centre (DMCC), will speak at Blockchain Week in Busan 2022, highlighting the event’s international significance and Busan’s growing role in the global blockchain ecosystem.
Ahmed Bin Sulayem, Chairman of the Dubai Multi Commodities Centre (DMCC), known as the ‘Crypto Mecca’, will visit Busan.
The Blockchain Week in Busan (BWB) 2022 secretariat announced on the 25th that Ahmed Bin Sulayem, Chairman of DMCC, will participate as a speaker at BWB 2022, which will be held at BEXCO in Haeundae-gu, Busan, from the 27th to the 29th.
Chairman Ahmed Bin Sulayem leads DMCC and the Jumeirah Lake Towers (JLT), a commercial and residential district densely packed with over 80 high-rise buildings. He also serves as Chairman of the DDE (Dubai Diamond Exchange) and DGCX (Dubai Gold & Commodities Exchange), which are DMCC’s gold and diamond exchanges.
Chairman Ahmed Bin Sulayem’s family is one of the most prestigious business families in Dubai and has long served as a key political advisor to the Al Maktoum family, Dubai’s ruling family. His father, Sultan Ahmed Bin Sulayem, serves as the CEO and Chairman of DP WORLD and the Ports, Customs & Freezone Corporation.
Located in JLT, DMCC is a Dubai government agency and the UAE’s largest free zone and the region’s only international commodity center. It is considered a hub for trade and transactions in industries ranging from precious metals like gold and diamonds to energy, steel, and agricultural products like coffee and tea. It has been honored as the ‘Global Free Zone of the Year’ by the UK’s Financial Times Group fDi Magazine for seven consecutive years since 2015.
To foster the growth of the blockchain and cryptocurrency industry, DMCC established the DMCC Crypto Centre in May last year. The DMCC Crypto Centre provides an ecosystem environment for all types of businesses, including blockchain technology companies, as well as trading platforms, virtual asset service providers, issuers, and listing and trading companies.
The world’s largest cryptocurrency exchange, Binance, has also established a holding company operator within DMCC and is closely cooperating to foster Dubai’s cryptocurrency industry.
Chairman Ahmed Bin Sulayem, who leads DMCC, is scheduled to sign a Memorandum of Understanding (MOU) with Busan City on the first day of the event for the creation of a digital financial city and mutual exchange and development.
Just as Busan has the Busan International Finance Center (BIFC), Dubai has DIFC. DIFC was established in 2004 under the leadership of Dubai’s ruler, Sheikh Moktoum Bin Mohammed Bin Rashid Al Maktoum, and is considered one of Dubai’s largest free zones alongside DMCC.
DIFC ranked 17th in the Global Financial Centres Index (GFCI) released by UK-based Z/Yen in September, solidifying its position as a key financial hub for the MEASA (Middle East, Africa, and South Asia) region. The GFCI is an index compiled by Z/Yen, a global consulting firm headquartered in London, which ranks the competitiveness of 126 global financial cities every March and September.
As of last July, DIFC is home to 3,644 companies across various sectors including finance, insurance, fintech, and legal services. Since its establishment, DIFC has maintained an average annual growth rate of 36% in attracting companies, significantly contributing to rapidly establishing Dubai as a leading financial city.
Industry consensus points to the key factors behind DIFC’s rapid growth as: ▲Exceptional tax and financial systems ▲An independent judicial system ▲Proactive fintech fostering through dedicated acceleration programs and venture funds.
Busan City, designated as a Blockchain Regulation-Free Special Zone in July 2019, is accelerating efforts to build a blockchain industry ecosystem.
The city is pushing forward with the establishment of the Busan Digital Asset Exchange and the Blockchain Industry Business Center (BIBC), the largest blockchain-specialized business center in Northeast Asia. The BIBC aims to commence construction as early as next year and be completed by 2025.
Furthermore, to establish itself as an Asian financial hub city, the city began the third phase of the BIFC project in March, aiming for completion in the second half of 2025, and is also discussing the relocation of secondary public institutions like KDB Industrial Bank.
In particular, there is a growing voice that for Busan City to make a swift leap towards becoming an international blockchain and financial city, it must actively consider introducing regulatory benefits and other measures implemented in Dubai.
Dubai possesses a progressive regulatory environment and technological infrastructure in advanced technology fields like Web3 and Artificial Intelligence (AI). The Dubai government is already providing full-fledged policy support to metaverse and blockchain companies and is further promoting the Dubai Metaverse Strategy, aiming to grow the metaverse industry to 1% of Dubai’s GDP by 2030.
DIFC is exempt from various taxes, including corporate and income tax on dividends, until 2054. For corporate tax imposed on foreign bank branches, a 0% rate applies for 50 years after establishment.
Additionally, by establishing a dedicated judicial system for DIFC based on English Common Law, Dubai has been able to position itself as an international financial center. The DIFC Courts and the Dubai Financial Services Authority (DFSA) for financial regulation are also operated separately, granting them independent status.
These efforts have enabled Dubai to attract world-class major financial institutions, numerous cryptocurrency platforms, blockchain companies, and token companies.
The city recognizes the need for comprehensive support from the central government for its development as a blockchain and financial hub and will do its best to build cooperative governance. It also plans to attract companies through promoting regulatory autonomy zones and establishing dedicated investment funds.
A BWB 2022 secretariat official said.
Meanwhile, BWB 2022 is an extension of last year’s highly successful ‘NFT BUSAN 2021’. It is being held this year under a new name to emphasize Busan’s leading role as a global blockchain city and to revitalize the K-blockchain industry ecosystem.
The event features various programs including conferences with domestic and international speakers from Binance, FTX, Huobi, etc., a special exhibition by artists, NFT galleries and auctions, corporate meetups, and a K-POP concert.
