Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations – Emerging Markets Bitcoin News

The 16% increase in crypto-related registrations was due to blockchain companies, according to Dubai Multi Commodities Centre. 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.

DMCC Crypto Centre Launches a Rise in Registrations

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 attributes the rise in cryptocurrency and blockchain firms joining the zone’s free zones to the DMCC Crypto Centre which was established 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 a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. DMCC’s record breaking registration of 665 new businesses in just three months is an indication that there are huge opportunities for those who join our Free Zone.

Sulayem stated that the DMCC would continue to work with ambitious businesses looking to establish themselves in Dubai.

Performance is better than 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 business formations were up 34% from China. 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. The statement states that DMCC has received increased interest from trading centers like Indonesia and Vietnam.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.