Crypto and Blockchain Firms Constitute 16% of the UAE Free Zone Registrations

Crypto and Blockchain Firms Constitute 16% of the UAE Free Zone  Registrations

 

Crypto and blockchain firms constituted 16% of the 655 new company registrations that were recorded in Q1 of 2022, the Dubai Multi Commodities Centre (DMCC) has said. The surge in crypto-related firm registrations has coincided with a quarterly in which the DMCC is reported to have recorded its "highest Q1 performance ever."

Rise in Registrations Attributed to the Launch of DMCC Crypto Centre

One of the UAE’s largest free zones, the Dubai Multi Commodities Centre (DMCC), has said 16% of the 655 new company registrations recorded in Q1 of 2022 were crypto and blockchain firms. The DMCC has attributed the surge in crypto and blockchain companies to the presence of the DMCC Crypto Centre, which was launched in May 2021.

According to a statement released by DMCC, the rise in the number of new registrations by crypto firms came during a quarter that has been named "the highest Q1 performance since its inception in 2002." In a statement, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, reveals the new milestone, which is said to have cemented the free zone’s status as a "world-class leading business destination." 

The CEO also explained:

The global economic climate remains challenging. However, Dubai’s reputation as a world-class, leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. The DMCC registrations of 665 new companies in the first three months of 2022 are another milestone. It also serves to show the huge potential of DMCC in the Free Zone of Dubai.

DMCC will continue with its efforts to attract ambitious firms that may be looking to set up shop in Dubai, Sulayem added.

Performance of Q1 Better To Previous Quarters

In another statement, DMCC revealed that its key markets, namely India, the U.K., Germany, and France, had performed better in the previous quarters. The statement said Dubai company formations from China grew by 34%. The DMCC has attributed this growth to its "significant Mandarin engagement programmes that run across the country throughout the year and its representative office in Shenzhen."