The blockchain groups in the two cities will work together to help connect businesses and help the sector grow.
The Crypto Valley Association in Switzerland and the Crypto Oasis in Dubai will work together to help the blockchain industry grow in both countries.
The Crypto Valley Association (CVA), which is based in the self-proclaimed “crypto valley” of the Swiss Canton of Zug, will lead the partnership with its counterpart in Dubai to connect a growing number of blockchain communities in Switzerland and the Middle East.
Both groups were started by Ralf Glabischnig, who was a big part of how Zug became a hub for blockchain and cryptocurrency groups. As Cointelegraph Magazine has looked into, the area is where things like the Ethereum Foundation began. The new partnership between the Swiss and UAE-based associations will help businesses in both countries connect with each other and share information.
Faisal Zaidi, the co-founder of Crypto Oasis, will be in charge of the CVA-led initiative in Dubai. More than 1,100 UAE-based organisations are already a part of its growing ecosystem. In a statement from the announcement, Zaidi talked about Dubai’s efforts to adopt and promote blockchain-based businesses, products, and services like Zug.
“This alliance will bring the blockchain world together by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East, which is about to become the new centre for crypto and blockchain.”
CVA has already done something similar. In July 2022, it set up a Latin American chapter to take advantage of the growing cryptocurrency and blockchain industries in South America.
The announcement says that CVA has invited the Dubai International Financial Centre to go to Zug to look for blockchain companies that might move to the United Arab Emirates to help the country’s growing ecosystem.
By the end of 2022, the Dubai Crypto Oasis wants to have 1,500 blockchain and cryptocurrency companies as part of its ecosystem. CVA’s ecosystem, on the other hand, took almost six years to get to 1,000.
From a legal point of view, Dubai passed new laws in March 2022 to protect investors and make it easier for cryptocurrency-related businesses to do business in the city.
At around the same time, both Binance and FTX, two of the biggest cryptocurrency exchanges, got licences to run and set up their headquarters in Dubai.
