According to the Dubai Multi Commodities Centre (DMCC), crypto and blockchain firms accounted for 16% of the 655 new company registrations recorded in the first quarter of 2022. The increase in crypto-related registrations also coincided with a quarterly period in which the DMCC is said to have achieved its “best 1 quarterly performance” since its inception.
According to a DMCC statement, the increase in the number of new crypto firm registrations took place during a quarter that was termed as “the highest Q1 performance since 2002 inception”.
In the statement Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, praised the new milestone, which is said to have cemented the free zone’s status as a “world-leading business destination”.
The DMCC CEO clarified:
“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.”
Meanwhile, DMCC revealed in the statement that its key markets — India, the United Kingdom, Germany, and France — performed better than in previous, comparable quarters. According to the statement, Chinese company formations in Dubai increased by 34%. The DMCC attributes this expansion to its “significant Mandarin engagement programs that run across the country throughout the year, as well as its representative office in Shenzhen.”
Because of DMCC’s targeted outreach programs in markets such as Israel and Turkey, quarterly company registrations from these countries increased by 350% and 100%, respectively. DMCC has received increased interest from trading hubs such as Indonesia and Vietnam, according to the statement.
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