Crypto and blockchain companies accounted for 16% of the 655 new company registrations recorded in Q1 2022, the Dubai Multi Commodity Center (DMCC) said. The surge in crypto -related registrations also coincided with a quarterly period where DMCC reportedly has recorded its “highest Q1 performance” since its inception.
Up in Registration Associated with 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 company registrations recorded in Q1 2022 were crypto and blockchain companies. DMCC reported a surge in crypto and blockchain companies joining the free zone due to the presence of the DMCC Crypto Center, which launched in May 2021.
According to a claim released by the DMCC, the increase in the number of new registrations by crypto companies occurred during a quarter that was named “the highest Q1 performance since the beginning of 2002.” In the statement, Ahmed Bin Sulayem, Chief Executive Officer and CEO at DMCC, said the new milestone is said to have strengthened the status of the free zone as “the world’s leading business destination.” The CEO explains:
The global economic climate remains challenging, however, Dubai’s reputation as the world’s leading business destination is stronger than ever, and the DMCC sits at the heart of this international appeal. Registering 665 new companies in the first three months of 2022 is another record breaking for DMCC, and shows the great potential it offers when it joins the Free Zone in Dubai.
DMCC will continue its efforts to attract ambitious companies that want to create in Dubai, Sulayem added.
Performance was better than in the previous quarter
Meanwhile, in its claim, the DMCC announced the major markets – namely India, the UK, Germany, and France – had performed better than in the same quarter. According to the claim, the formation of Dubai companies from China increased by 34%. The DMCC has attributed this growth to “a significant Mandarin engagement program open across the country throughout the year, and a representative office in Shenzhen.”
DMCC’s special outreach program to markets like Israel and Turkey resulted in monthly registrations of companies originating from these jurisdictions increasing 350% and 100% respectively. According to the claim, DMCC has increased interest from trade centers such as Indonesia and Vietnam.
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