Dubai to Welcome a 17-Storey ‘Crypto Tower’ by 2027, Pioneering Blockchain and Crypto Innovation
Dubai is set to enhance its position as a global leader in blockchain and cryptocurrency with the development of a 17-storey ‘Crypto Tower’. This cutting-edge project will feature nine floors dedicated to office spaces designed for startups and established businesses in the crypto and blockchain industry. In addition, three floors will be reserved for blockchain incubators, venture capital firms, and investment companies, further fostering innovation in the sector.
The tower will also boast exceptional amenities, including an NFT art gallery, a premium crypto club for networking and relaxation, a gold bullion shop, an exotic car dealership, and a secure vault storage area, offering a unique blend of work and leisure for its occupants.
The ambitious project, a collaboration between the Dubai Multi Commodities Centre (DMCC) and REIT Development, is set to be completed by 2027. Strategically located in Jumeirah Lakes Towers, the Crypto Tower aims to redefine tenant experience by integrating blockchain technology to streamline interactions and operations. This includes on-chain voting mechanisms, shared resources, smart contracts, and other automated services, which will enhance efficiency, transparency, and trust among its users.
“Incorporating blockchain into the building’s operations will reduce administrative burdens and set a new benchmark for community decision-making and management,” DMCC stated earlier this week.
The project’s significance lies in its alignment with Dubai’s vision to become a global hub for blockchain and digital innovation. Khalil Kassam, a senior advisor at Omnibit and Arts DAO, highlighted that the Crypto Tower is expected to generate an annual economic impact of $1.5 billion and create 2,500 direct jobs, underscoring its importance in advancing Dubai’s digital economy.
Kassam noted the growing competition between the UAE and the US in leading the global blockchain sector, with the UAE gaining ground through initiatives like the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy. “The Crypto Tower’s integration of blockchain technology for operational efficiency will be a significant step in establishing Dubai’s leadership in emerging technologies,” he added.
Dubai’s appeal to blockchain and crypto companies is bolstered by its prime location, business-friendly tax regime, and innovation-friendly environment. Frequent conferences, hackathons, and innovation hubs strengthen the city’s position as a hotspot for digital technology and cutting-edge businesses.
Kassam also emphasized the impact of Dubai’s golden visa programme and the collaboration between blockchain firms and financial institutions, which ensures smooth integration of blockchain into the financial ecosystem. Regulatory bodies, such as the Virtual Assets Regulatory Authority (VARA) established in 2022, provide clear frameworks to encourage innovation while safeguarding consumers. Furthermore, the UAE is investing in blockchain across key industries like financial services, healthcare, logistics, and smart cities to support its vision for economic diversification and technological advancement.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, described the Crypto Tower as a real-world demonstration of Web3, showcasing blockchain’s potential for transparency and ownership. “This project consolidates Dubai’s position as the world’s leading innovation hub,” he said.
Brenda Stratton, Communications Director at REIT Development, echoed these sentiments, stating, “By merging blockchain technology with real-world construction in DMCC, we are building a physical hub for the global crypto community.”
