Dubai’s Crypto Tower will feature an exotic car dealership and a gold bullion shop

DUBAI: A 17-storey ‘Crypto Tower’ is in the works for Dubai including nine floors of offices tailored for both startups and established businesses in the fast-growing crypto space, plus three floors dedicated to supporting blockchain incubators, VC firms and investment companies.

It will also feature amenities like an NFT art gallery, a crypto club providing premium networking and leisure amenities, a gold bullion shop, an exotic car dealership and a vault storage area.

Announced by the Dubai Multi Commodities Centre (DMCC) and REIT Development, the project is expected to be completed by 2027 and will be located in Jumeirah Lakes Towers.

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Blockchain technology will be used to streamline tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services.

“In doing so, the tower will build greater trust and transparency and reduce administrative load, setting a new standard in community decision-making and management,” the DMCC said in a statement earlier this week.

The move is significant because “with an anticipated annual economic impact of $1.5 billion and the creation of 2,500 direct jobs, the project aligns with Dubai’s strategy to become a global hub for blockchain and digital innovation,” Khalil Kassam, senior advisor at Omnibit - which is looking to redefine bitcoin’s role in the global financial ecosystem - and Arts DAO - a Web3 community in the Middle East - told Business Recorder.

He noted that competition between the UAE and the US to lead the global blockchain sector is intensifying, with the UAE positioning itself as a blockchain hub through initiatives such as the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy. These “By integrating blockchain technology for greater efficiency, the Crypto Tower will play a key role in advancing Dubai’s leadership in emerging technologies,” he added.

He said that Dubai’s prime location, favorable tax regime and other business-friendly policies, make it an attractive base for blockchain and crypto companies.

This, along with conferences, hackathons, and innovation hubs, reinforces “Dubai’s position as a leader in digital innovation and a center for cutting-edge technology businesses,” he said.

He added the golden visa programme coupled with strong partnerships between banks and blockchain firms ensure smooth integration of blockchain into the financial system.

He explained that regulatory bodies like the Virtual Assets Regulatory Authority - set up in 2022 - have established frameworks to encourage innovation while protecting consumers and that the UAE is also investing in blockchain across key sectors such as financial services, healthcare, logistics, and smart cities, supporting its broader goals of economic diversification and leadership in fintech and digital innovation.

Meanwhile Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, noted that the launch of the Crypto Tower “is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

Brenda Stratton, Communications Director, REIT Development, added that “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community.”

Copyright Business Recorder, 2025