Crypto and blockchain businesses account for 16% of the UAE Free Zone's record-breaking Q1 firms registrants.
According to the Dubai Multi Commodities Centre (DMCC), crypto and blockchain companies accounted for 16 per cent of the 655 new business registrations reported in Q1 2022. The spike in crypto-related registrations also happened to coincide with the DMCC's "best Q1 performance" since its formation, according to reports. The Dubai Multi Commodities Centre (DMCC), one of the UAE's major free zones, said that crypto and blockchain companies accounted for 16 per cent of the 655 new business registrations registered in Q1 2022. The existence of the DMCC Crypto Centre, which opened in May 2021, has been credited by the DMCC for the increase in crypto and blockchain enterprises joining the free zone. As per a declaration issued by DMCC, the increase in the number of cryptocurrency firm registrations occurred during a quarter that was dubbed "the best Q1 performance since inception in 2002." The new milestone, according to Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, has established the free zone's standing as a "world-leading business destination." The CEO elaborated: Although the global economic situation remains tough, Dubai's reputation as a world-class business destination is stronger than ever, and DMCC is at the centre of this worldwide appeal. The registration of 665 new businesses in the first three months of 2022 is yet another DMCC record, demonstrating the enormous potential available to those who join our Free Zone in Dubai. Sulayem stated that DMCC will continue its efforts to attract ambitious companies wanting to set up shop in Dubai. Meanwhile, DMCC said that its core markets — India, the United Kingdom, Germany, and France — had done better than in prior quarters. According to the announcement, Chinese business formations in Dubai increased by 34%. This rise has been linked to the DMCC's "major Mandarin engagement programmes that run countrywide throughout the year, as well as its representative office in Shenzhen," according to the company. Due to DMCC's targeted outreach activities in countries like Israel and Turkey, quarterly business registrations from these jurisdictions increased by 350% and 100%, respectively. DMCC has received considerable interest from trading centres such as Indonesia and Vietnam, according to the statement.
