Switzerland-based Crypto Valley Association will partner with Dubai Crypto Oasis to collaborate on the ongoing development of the blockchain industry in both countries.
The Crypto Valley Association (CVA), self-proclaimed “Cryto Valley” in the Swiss canton of Zug, is spearheading 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 Glabischnig, who was instrumental in establishing Zug as a hub for blockchain and cryptocurrency organizations. As previously explored by Cointelegraph magazine, the likes of the Ethereum Foundation were born locally. The new partnership launched between Switzerland and the United Arab Emirates is designed to foster connections and exchange of information between businesses in both countries.
Crypto Oasis co-founder Faisal Zadi leads the initiative, which is led by CVA in Dubai, which has more than 1,100 UAE organizations involved in the growing ecosystem. In a statement at the announcement, Zaadi highlighted Dubai’s efforts to promote Zug adoption and blockchain-based businesses, products and services.
“This alliance will connect the fragmented blockchain world by connecting Switzerland, a leader in disruptive technology, with the Middle East, which will become the new hub of crypto and blockchain.”
CVA has already carried out a similar initiative, setting up a Latin American chapter in July 2022 to enter the growing cryptocurrency and blockchain sector in South America.
According to the announcement, CVA has extended an invitation to the Dubai International Financial Center to visit Zug to identify blockchain firms that could migrate to the UAE to strengthen the growing ecosystem.
Dubai’s crypto oasis is looking to increase the number of blockchain and cryptocurrency companies in its ecosystem to 1,500 by the end of 2022. In contrast, the CVA ecosystem took six years to surpass the 1,000 mark.
In terms of regulation, Dubai introduced new laws in March 2022 to improve investor protection and create administrative requirements for cryptocurrency-related businesses to operate in its territory.
At the same time, major cryptocurrency exchange operators Binance and FTX were granted permission to operate and establish headquarters in Dubai.