Web3 adoption reshapes Dubai’s commodities sector
Dubai is accelerating efforts to connect its long-established commodities industry with emerging Web3 infrastructure, positioning itself as a test bed for real-world asset (RWA) tokenisation, digital provenance systems and cross-border ecosystem building.
The Dubai Multi Commodities Centre’s (DMCC) mandate has long focused on building an end-to-end environment for global commodities, from gold and diamonds to tea and coffee. In an exclusive interview with SiGMA TV, Belal Jassoma, Director of Ecosystems at DMCC, shared that the centre’s role is to bring together all the components of the ecosystem to create an end-to-end marketplace, a model now being extended into digital systems.
Jassoma highlighted the diamond sector as an example of how Dubai’s traditional strengths are being re-engineered through technology. He explained that DMCC operates the Dubai Diamond Exchange, which hosts regular auctions and tenders of diamonds and precious and colour stones supported by services covering polishing, cutting, storing, shipping and certification, including the Kimberley Process.
“The most exciting part really is actually bringing technology into this,” he said. “Provenance technology and traceability are very important elements, and with the Kimberley Process in particular, we are actually playing a role in digitising that process and putting it on the chain.”
Regulatory clarity as a foundation for Web3 growth
Jassoma stressed that Dubai’s regulatory approach underpins the emirate’s ability to blend legacy trade with Web3 models. “Regulatory clarity is essential because in the case of the UAE, we move fast but never in the dark,” he said.
He pointed to the Virtual Assets Regulatory Authority (VARA) as an example of this clarity, noting that when created, it was “the only crypto-native regulator” rather than one adapting rules from traditional financial regulation. In March 2022, VARA was established to regulate, supervise, and oversee VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre.
He added that political stability also contributes to predictable policymaking. “The crypto compass always moves forward. We don’t move sideways. We don’t change our mind,” he said, arguing that this gives companies confidence to build long-term operations in the emirate.
Within DMCC itself, tailored guidance is part of the onboarding process. “We have a dedicated team for the crypto as well as for gaming and AI separately, and those teams will help companies from the beginning,” Jassoma explained. They guide firms on the right regulatory path based on their project and their business.
Cross-border collaboration driving R&D and skills growth
With Dubai looking to expand its footprint in global digital innovation, partnerships with European and international clusters form a major part of DMCC’s approach.
“It’s very important actually,” said Jassoma, noting that when DMCC launched its Crypto Centre, it sought expertise from Switzerland. “Cooperation always drives innovation rather than competition.”
These collaborations support the government’s wider Metaverse Strategy targets, including growing the number of blockchain firms and creating tens of thousands of virtual-economy jobs.
Tokenising real-world commodities
Looking ahead to 2026, DMCC is preparing to advance tokenisation across metals and stones. “The main theme would be the next generation finance,” Jassoma said. “We’re going to push further on the RWA narrative and tokenisation of real-world assets.”
“We have chains, broker-dealers, exchanges, who are willing to play a role in this,” he said, adding that the framework will help launch pilot projects and scale further initiatives aimed at linking physical assets with blockchain-based markets.
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