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DMCC AWARDED GLOBAL FREE ZONE OF THE YEAR FOR EIGHTH CONSECUTIVE YEAR

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DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has been named Global Free Zone of the Year 2022 by the Financial Times’ fDi Magazine for the eighth consecutive year.

The award, among the most prestigious of accolades a free zone can earn, is decided by the Financial Times Specialist editorial team and a panel of independent judges against a comprehensive set of criteria and a review of the free zones’ ecosystems. The methodology focuses on metrics that demonstrate core growth of the free zones, both in terms of the increase in small and large tenants, and how effectively each free zone provides ecosystems and related initiatives that support growth, business and marketing strategy, infrastructure improvements, COVID-response and promotion of sustainability.

Reflecting the leading business district and trade hub that DMCC has created for businesses of all sizes, as well as its central focus on sustainability and social impact, DMCC also received:

  • Large Tenant Free Zone of the Year – Global
  • Large Tenant Free Zone of the year – Middle East
  • Middle East Free Zone of the Year
  • SME Free Zone of the Year – Middle East
  • Excellence Award for ESG Practices – Global
  • Excellence Award for Infrastructure Development – Global

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:

“Since DMCC was established in 2002, we have had two core goals – create a global gateway for trade, and comprehensively enhance the ease of doing business for our member companies. This simple yet critical strategy has underpinned our exceptional growth and is why our business district is now home to over 21,000 global businesses of all sizes and sectors. As we continue to accelerate our growth and break performance records across all our business verticals, I’d like to thank Financial Times’ fDI Magazine for once again recognising DMCC’s achievements on the global stage.”

Record-breaking performance

2021 saw DMCC achieve its best performance since its inception, attracting 2,485 new businesses from markets including ChinaIndia, the UK and the US. This momentum was carried into 2022 with DMCC seeing the best H1 on record, attracting 1,469 companies to bring the district’s total to 21,000.

Driving these record-breaking figures are two key elements of DMCC’s strategy: increasing the ease of doing business for companies in the business district, allowing them to trade efficiently and with confidence, and providing the right infrastructure and services that make Dubai a global gateway for trade.

A world-class community

DMCC was also recognised for making a broad range of upgrades and enhancements across its business district, Jumeirah Lakes Towers (JLT), to further the community’s standing as a world-class destination to live, work, and visit. This included a project that will see all car park sunshades replaced with solar panel shades, resulting in a saving of 7,612 MWh energy each year. DMCC also launched a range of new sports and wellness facilities, alongside landscaping and façade enhancements across the district. Over 60,000 people work in JLT, the 87-tower business district.

DMCC also made significant progress in the delivery of its new flagship development, Uptown Dubai District. Construction is almost complete at the district’s first super tall tower, Uptown Tower. Demonstrating the significant investor confidence in both Dubai and DMCC, Uptown Tower’s 22 floors of office space have been 100% pre-leased ahead of the tower’s construction completion.

Enabling global commodities trade

DMCC has continued to enhance Dubai’s status as a leading hub for global commodities trade.

At the start of the year, DMCC convened the entire diamond industry for the Dubai Diamond Conference, at which Ahmed Bin Sulayem announced that the UAE is now the world’s largest rough diamond trading hub. DMCC also recently announced that in H1 2022, the UAE traded a total of USD 19.8 billion worth of rough and polished diamonds, representing a year-on-year increase of 25%. Crucially, the UAE’s polished diamond segment saw a record 52.5% growth over H1 2021, showing that Dubai is well on its way to becoming the largest diamond trade hub for rough and polished combined.

Meanwhile, the Tradeflow platform, DMCC’s electronic commodities registry, reached AED 746 billion in transactions for H1 2022 – Tradeflow’s highest ever six-month volumes.

The DMCC Tea Centre and DMCC Coffee Centre also saw strong results with a combined 30,539 metric tonnes of tea and coffee output in H1 2022. The tea and coffee industries are increasingly turning to DMCC because of its world-class facilities, which include superior logistical and processing support for all stages of the value chain, cutting out intermediaries to deliver increased value for farmers, producers, and consumers alike.

The global focal point for cryptographic technologies

As a comprehensive ecosystem for the development and operation of blockchain and other cryptographic technologies, the DMCC Crypto Centre has seen significant interest since its launch in mid-2021. This growth has continued into 2022, with 14% of new company registrations in H1 relating to crypto activities. The Crypto Centre is now home to 450 crypto businesses, representing the largest crypto ecosystem in the region.

The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled platforms, NFTs and Metaverse environments, through to firms trading crypto assets.

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Blockchain

Virtualness want to be the Canva of Blockchain:Kirthiga Reddy

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Virtualness is positioning itself as the Canva of the blockchain world, according to Kirthiga Reddy. Reddy, the former Managing Director of Facebook India, is now the CEO of Virtualness. She believes that the platform can empower users to create content and communities in the virtual space, similar to Canva’s success in the design world.

Virtualness aims to provide tools and resources that simplify the process of creating and managing virtual communities. Reddy envisions the platform as a one-stop destination for individuals and businesses looking to leverage the power of blockchain technology for community building.

The platform offers a range of features, including customizable templates, social media integration, and analytics tools, designed to streamline the creation and management of virtual communities. Reddy highlights the platform’s user-friendly interface and intuitive design as key factors in its appeal to users.

Virtualness is tapping into the growing demand for virtual experiences and communities, driven by the shift towards remote work and digital interaction. Reddy sees immense potential in the platform’s ability to democratize access to blockchain technology and empower users to create meaningful connections in the virtual world.

With Virtualness, Reddy aims to democratize access to blockchain technology and empower users to create meaningful connections in the virtual world. She believes that the platform has the potential to revolutionize the way people interact and collaborate online, much like Canva has transformed the design industry.

Virtualness has already garnered attention from investors and industry experts, positioning itself as a promising player in the burgeoning virtual community space. Reddy’s vision for the platform reflects her deep understanding of the digital landscape and her commitment to driving innovation in the blockchain industry.

Overall, Virtualness is poised to make a significant impact in the virtual community space, offering users a powerful tool to create, manage, and monetize their virtual experiences. With Reddy at the helm, the platform is well-positioned to become the go-to destination for virtual community building, much like Canva has become synonymous with design excellence.

Source: exchange4media.com

The post Virtualness want to be the Canva of Blockchain:Kirthiga Reddy appeared first on HIPTHER Alerts.

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Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility

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Sei Foundation, the overseeing entity of the Sei blockchain operating at Layer 1, has taken a significant stride towards version 2 of its network, as revealed in an announcement made on Monday. Spearheaded by Sei Labs, this upgrade aims to elevate the blockchain’s performance by introducing a high-performance instance of parallelized Ethereum Virtual Machine (EVM).

Following the necessary approval of the governance proposal, the network upgrade is scheduled to take place one week later. This swift timeline underscores the Sei team’s dedication to continually enhancing the efficiency of their network.

The introduction of Sei’s parallelized EVM marks a notable technological advancement in the company’s operations. This innovation enables Ethereum-based contracts to be seamlessly deployed on the Sei platform, resulting in near-instantaneous execution. Such a feature drastically reduces transaction validation times, significantly elevating existing efficiency and effectiveness standards.

Version 2 of Sei’s blockchain, slated for release, will support Ethereum and parallel execution, akin to other high-performance blockchains like Solana. This development further solidifies Sei’s standing as a formidable player in the industry. The upcoming Sei v2 update will also compete with other parallelized EVMs, including popular ones like Monad and Neon, in the fiercely competitive blockchain landscape.

Sei Labs has already indicated that the current upgrade is poised to attract significant interest, given the applications available on Ethereum. Notable investors and partners such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are currently in discussions with Sei to access v2. The anticipated adoption of Sei v2 is a significant testament to the platform’s potential to emerge as a leading hub for blockchain collaboration.

Since its beta launch on the mainnet within Cosmos in August 2023, Sei has primarily focused on applications developed with Rust that run on Cosmos. However, with the introduction of Sei v2, the team intends to expand its reach by engaging both new and existing users and optimizing network compatibility. This strategic pivot aims to foster inclusivity and adaptability for development.

Having secured substantial funding in April 2023, Sei Labs is now prioritizing the transition to Sei v2. The successful funding round, which raised $30 million across two rounds from investors such as Jump and Multicoin Capital, underscores Sei Labs’ commitment to supporting the Sei blockchain ecosystem financially and technologically.

The recent developments at Sei exemplify a strategic direction aimed at enhancing the blockchain’s efficiency and competitiveness. By embracing cutting-edge technological innovations and bolstering support for Ethereum-based applications, Sei positions itself as a potential catalyst for its services and a significant player in the blockchain industry. Investors and the broader tech community are closely observing how this substantial change could shape the future of blockchain.

Source: cryptonewsz.com

The post Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility appeared first on HIPTHER Alerts.

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Brazil Central Bank Crafting Crypto Regulation Plan, Expected by Year’s End

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Brazil’s central bank has revealed a multi-phase strategy to regulate cryptocurrency and virtual asset service providers, intending to finalize the regulatory framework by the year’s end.

These regulations will establish guidelines to ensure and enforce increased transparency regarding the potential benefits and risks associated with these investments, the bank stated. It opted for a phased approach to effectively oversee Brazil’s cryptocurrency service market.

“The contributions received will be utilized as we proceed, and the regulatory proposals are slated for completion by the end of 2024,” the bank added.

Reuters reported that the central bank’s recent decision delays the finalization of the process, following a 2022 law granting the bank authority to formulate these regulations.

During a congressional hearing in the previous year, Otavio Damaso, the central bank’s director of regulation, anticipated completing the crypto regulations by June 2024.

In December 2023, the bank conducted a public consultation on the matter, concluding in January. Subsequently, it announced a new public consultation scheduled for the latter half of this year.

The central bank informed Reuters that the initial consultation aimed to gather feedback from the public on the proposed regulations, also addressing aspects not covered by the 2022 law, such as the segregation of assets by virtual asset service providers. To this end, the first public consultation necessitated “considerable dedication from the involved teams.”

Additionally, the bank is progressing with the regulation of stablecoins, especially those utilized for payments and foreign exchange.

Brazil Restricts Crypto Contributions in Elections
In an effort to curtail cryptocurrencies’ role in campaign finance, Brazilian authorities recently enforced a ban on crypto donations to political parties and candidates.

The electoral court defended this ban, underscoring the importance of transparency and traceability in campaign financing. It reiterated its commitment to safeguarding elections “against irregular or illicit practices.”

Source: cryptonews.com

The post Brazil Central Bank Crafting Crypto Regulation Plan, Expected by Year’s End appeared first on HIPTHER Alerts.

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