- Due to DMCC’s targeted outreach activities in countries like Israel and Turkey, quarterly business registrations from these jurisdictions increased by 350% and 100%, respectively. DMCC has received considerable interest from trading centers such as Indonesia and Vietnam, according to the statement.
- The Dubai Multi Commodities Center (DMCC), one of the UAE’s largest free zones, said that crypto and blockchain companies accounted for 16 percent of the 655 new company registrations recorded in Q1 2022.
- As per the corporation, this increase is due to the DMCC’s significant Mandarin interactive sessions, which operate year-round around the country, and their branch offices in Shenzhen.
According to the Dubai Multi Commodities Center (DMCC), crypto and blockchain companies accounted for 16 percent of the 655 new company registrations recorded in Q1 2022. As per sources, the increase in crypto-related registration coincided with the DMCC’s greatest Q1 result ever since its inception.
The Opening Of The DMCC Cryptocurrency Center Is Credited With An Increase In Registrants
The Dubai Multi Commodities Center (DMCC), one of the UAE’s largest free zones, said that crypto and blockchain companies accounted for 16 percent of the 655 new company registrations recorded in Q1 2022. The existence of the DMCC Crypto Centre, which opened in May 2021, has been credited by the DMCC for the increase in crypto and blockchain enterprises joining the free zone.
According to a statement made by DMCC, the increase in the number of new crypto business registrations occurred during a quarter that was dubbed the best Q1 performance since its inception in 2002. As per Ahmed Bin Sulayem, Executive Chairman as well as CEO of DMCC, the latest record had cemented the free zone’s position as a world-class commercial location. The CEO elaborated:
Although the global economic climate remains challenging, Dubai’s reputation as a world-class business destination is stronger than ever, and DMCC is at the center of this worldwide appeal. The registration of 665 new companies in the first three months of 2022 is yet another DMCC record, demonstrating the enormous potential available to those who join our organization.
Productivity Is Up From Recent Quarters
Meanwhile, DMCC said that its core markets India, the United Kingdom, Germany, and France had performed better than in previous quarters. According to the announcement, Chinese company formations in Dubai increased by 34%. This rise has been linked to the DMCC’s major Mandarin engagement programs that run countrywide throughout the year, as well as its representative office in Shenzhen, according to the company.
Due to DMCC’s targeted outreach activities in countries like Israel and Turkey, quarterly business registrations from these jurisdictions increased by 350% and 100%, respectively. DMCC has received considerable interest from trading centers such as Indonesia and Vietnam, according to the statement.
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Source: https://www.thecoinrepublic.com/2022/04/16/cryptocurrencies-as-well-as-blockchain-businesses-account-for-16-of-the-uae-free-zones-record-breaking-q1-business-filings/