Crypto and Blockchain Firms Constitute 16% of UAE Free Zone"s Record Q1 Company 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 registrations also coincided with a quarterly period in which the DMCC is reported to have recorded its “highest Q1 performance” since inception. 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 this surge in crypto and blockchain companies joining the free zone to the presence of the DMCC Crypto Centre, which was launched in May 2021.
According to astatement 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 2002 inception.” In the statement, Ahmed Bin Sulayem, Executive Chairman and CEO at DMCC, touts the new milestone which is said to have cemented the free zone’s status as a “world-leading business destination.” The CEO explained: The global economic climate remains challenging, however, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our Free Zone in Dubai.
DMCC will continue with its efforts to attract ambitious firms that may be looking to set up in Dubai, Sulayem added.
Performance Better Than in Previous Quarters
Meanwhile, in the statement, DMCC revealed its key markets — namely India, U.K., Germany, and France — had performed better than in previous, similar quarters. According to the statement, Dubai company formations from China grew by 34%. The DMCC has attributed this growth to its “significant Mandarin engagement programmes that run country-wide throughout the year, and its representative office in Shenzhen.”
DMCC’s specific outreach programs to markets like Israel and Turkey resulted in quarterly company registrations originating from these jurisdictions rising by 350% and 100% respectively. According to the statement, DMCC has seen increased interest from trading hubs such as Indonesia and Vietnam. Tags in this story Ahmed Bin Sulayem, Blockchain, crypto firms, DMCC, DMCC Crypto Centre, Dubai Free Zone
What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions EMERGING MARKETS | 1 hour ago Study: 54% of UAE and Saudi Arabia Survey Respondents Said Crypto Should Be Used for Payments EMERGING MARKETS | 4 days ago
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