Crypto firms constitute 16% of DMCC free zone’s Q1 company registrations

    18 Apr 2022
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    Dubai Multi Commodities Centre (DMCC) has revealed crypto and blockchain firms constituted 16% of the 655 new company registrations that were recorded in Q1 of 2022. The surge in crypto-related registrations also coincided with a quarterly period in which the DMCC is reported to have recorded its highest quarterly performance since inception.

    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 new DMCC’s statement, 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.”

    Ahmed Bin Sulayem, DMCC Executive Chairman and CEO, noted in the statement the new milestone, which is said to have cemented the free zone’s status as a “world-leading business destination.”

    “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,” he explained.

    Also, DMCC revealed in the statement its key markets, such as India, U.K., Germany, and France, had performed better than in previous, similar quarters. Dubai company formations from China grew by 34%, the statement said. The DMCC has attributed this growth to its “significant Mandarin engagement programs that run country-wide throughout the year, and its representative office in Shenzhen.”

    Meanwhile, 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.

    Last December, DMCC issued the new crypto-focused Future of Trade report. which highlighted growing opportunities for global trade’s $260.9 billion decentralized finance (DeFi) sector.

    The thought leadership report series of DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – Is titled ‘Perspectives on Decentralized Finance.’

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