Dubai is gearing up to unveil a state-of-the-art "Crypto Tower" in its Multi Commodities Centre (DMCC) by the first quarter of 2027.
Spanning 150,000 square feet, this 17-storey building will incorporate blockchain technology and smart contracts to streamline tenant management, marking a significant milestone in the city’s Web3 ambitions.
The Crypto Tower is set to include advanced office spaces for Web3 companies across nine floors, while the remaining levels will host venture capital firms, Web3 incubators, and AI-focused initiatives. Additional features will include indoor and outdoor event spaces, an NFT art gallery, a secure vault for asset storage, and a luxury car dealership.
The DMCC partnered with the Real Estate Investment Trust (REIT) to construct the tower, with all project-related expenses recorded transparently using blockchain. Brenda Stratton of REIT emphasised the project’s significance as a physical hub for the crypto community, blending real-world construction with blockchain innovation.
Chatoshi.ai, an AI-powered platform specialising in Web3 browsers and search engines, will provide the tower's internal AI solutions, further enhancing its technological edge.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, described the Crypto Tower as a tangible demonstration of Web3's potential, showcasing transparency and ownership through blockchain technology. He reaffirmed Dubai’s commitment to cementing its reputation as a global innovation hub.
This development aligns with Dubai's broader strategy to foster its blockchain and Web3 ecosystem. In 2022, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum established the Virtual Assets Regulatory Authority (VARA) to oversee and support Web3 operations in Dubai. All Web3 entities seeking to operate in the city are required to register with VARA for regulatory oversight and guidance.
Since then, Dubai has witnessed a surge in Web3-related advancements, including regulatory frameworks introduced in March 2024 for firms operating in the Dubai International Financial Centre (DIFC) free zone. Leading crypto firms such as Binance and Coinbase have also secured licenses to expand their services within Dubai’s rapidly growing market.