Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations

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Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations – The Dubai Multi Commodities Centre (DMCC), one of the UAE’s largest free zones, said that crypto and blockchain companies accounted for 16 percent of the 655 new firm registrations recorded 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.

According to a statement made by DMCC, the increase in the number of new crypto business 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. 

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The CEO detailed:

“With the recent global market climate, Dubai’s position as a world-class commercial centre is stronger than ever, and DMCC is at the center of this worldwide appeal. The registration of 665 new firms in the first 3 months of 2022 is yet another DMCC record, demonstrating the enormous potential available to those who join our Dubai Free Zone.”

Sulayem stated that DMCC will continue its efforts to attract ambitious companies looking to set up business in Dubai.

Meanwhile, DMCC highlighted in its statement that its core markets, including India, the United Kingdom, France, and Germany had performed better than in the previous quarters.

According to the announcement, Chinese company formations in Dubai increased by 34%. This rise has been linked to the DMCC’s “major Mandarin engagement programs that run countrywide throughout the year, as well as its representative office in Shenzhen,” according to the company.

Also Reda: Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa

Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations – 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.

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