During the second series of “7 Minutes to UNLOCK” with James Bernard, Head of Corporate Sales at DMCC ( Dubai Multi Commodities Centre ), three interesting Blockchain and tokenization announcements were made.
Bernard started by stating that it is in the DNA of DMCC UAE to be super ambitious and as such that have been looking into blockchain and crypto from the onset as Blockchain and crypto is the next evolution regardless of the sector.
As for the first announcement, Bernard said that the partnership with Crypto Valley Labs from Switzerland is moving ahead. He explained “We will be launching in October either with a physical event or virtual launch depending on the circumstances.” He added, “CV Labs have proven themselves in Switzerland and we see them as a solid partner for us.” DMCC had announced their partnership with CV Labs in early January 2020.
In terms of crypto projects, Bernard stated, “We have been in the blockchain scene since the onset and were one of the founding members of Dubai’s Global Blockchain council; in addition we have been involved in pilot projects and Blockchain proof of concepts.” Today DMCC has implemented a blockchain platform for business registry process within DMCC to create efficiencies when setting up businesses in DMCC, as well as a signing an agreement with Crop Data technology for a Blockchain agricultural trading marketplace to facilitate the physical delivery of agricultural produce from some 500 logistics hubs within India to the UAE.
The latest project announced by Bernard is the tokenization of DMCC’s Gold coins. He stated, “We are looking into tokenizing the DMCC gold bullion coins with our partners CV Labs and few of their companies in their ecosystem.”
In terms of focus, DMCC is working with various partners to ensure funding for startups that join DMCC including Blockchain startups which Bernard believes are more attractive today. He explains, “We are working with several partners on this including CV Labs.”
When asked about the UAE Securities and Commodities Authority Final Crypto Draft, he stated, “We were just talking to them today and have been working closely with them on this crypto legislation. They have done a great job and we should see an announcement either in September or October. This is a huge advancement for us in DMCC and the UAE in general and while some of our businesses in DMCC will benefit from this law, others that we work with fall outside the boundaries of financial transactions and crypto.”