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.
Increase in registrations attributed to the launch of the DMCC Crypto Center
One of the largest free zones in the UAE, the Dubai Multi Commodities Center (DMCC), said that 16% of the 655 new business registrations recorded in the first quarter of 2022 were crypto and blockchain businesses. The DMCC attributed this increase in crypto and blockchain companies joining the free zone to the presence of the DMCC Crypto Center, 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 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 the world’s premier business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. The registration of 665 new businesses in the first three months of 2022 is another record breaking for DMCC and serves to show the huge potential offered 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 that its key markets – namely India, the UK, Germany and France – performed better than in previous similar quarters. According to the statement, Dubai business formations from China have increased by 34%. The DMCC attributed the growth to its “extensive Mandarin engagement programs that run nationwide 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.
