The Switzerland-based Crypto Valley Association will partner with Crypto Oasis of Dubai to support the ongoing development of the blockchain industry in both countries.
The Crypto Valley Association (CVA), based in the Swiss canton of Zug’s self-proclaimed “Crypto Valley”, will lead a partnership with its Dubai counterpart to connect a growing group of blockchain communities in Switzerland and the Middle East.
Both associations were founded by Ralf Glebisnig, who played a major role in establishing Zug as a center for blockchain and cryptocurrency organizations. The choice of the Ethereum Foundation was born in the field, as previously discovered by Cointelegraph magazine. The new partnership between the Swiss and UAE-based associations is set to establish connections and information sharing between businesses in the two countries.
Crypto Oasis co-founder Faisal Zaidi will lead the CVA-led initiative in Dubai, which already includes more than 1,100 UAE-based organizations in its growing ecosystem. Zaidi highlighted Dubai’s efforts to drive the adoption and promotion of Zug’s blockchain-based businesses, products and services in a statement of the announcement:
“This alliance will connect a fragmented blockchain world by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East, poised to become the new hub for crypto and blockchain.”
CVA has already taken similar initiatives, establishing a Latin American chapter in July 2022, which taps into the growing cryptocurrency and blockchain sector in South America.
According to the announcement, CVA has invited the Dubai International Financial Center to visit Zug to identify blockchain organizations that could potentially migrate to the UAE to strengthen its growing ecosystem.
Dubai Crypto Oasis is looking to increase the number of blockchain and cryptocurrency companies within its ecosystem to 1,500 by the end of 2022. In contrast, it took almost six years for the CVA ecosystem to cross the 1,000 mark.
From a regulatory standpoint, Dubai introduced new laws in March 2022 to create governance standards for cryptocurrency-related businesses to enhance investor protection and operate in its jurisdiction.
Around the same time, major cryptocurrency exchange operators Binance and FTX were granted licenses to operate and set up headquarters in Dubai.
