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Dubai is now the home of more than 500 crypto firms, the biggest gathering of crypto and blockchain companies in the region, according to the Dubai Multi Commodities Centre (DMCC).



In a press release, DMCC said that it had attracted 3,049 new businesses to Dubai, with an increase of 23% year-on-year, compared to 2021, when new member company registrations reached 2,485. These figures mark the best year ever for DMCC since its launch.



The increasing demand from Web3 and blockchain companies to operate in Dubai and register for DMCC Crypto Center is the main reason for this growth.



In this regard, Executive Chairman and Chief Executive Officer of DMCC Ahmed Bin Sulayem said DMCC has implemented its strategy efficiently in 2022 by concentrating on member companies working in the field of Web3 and blockchain technologies.



It is worth mentioning that in October the DMCC Crypto Centre collaborated with Brinc, a venture capital firm and part of Animoca Brands, which is a pioneer in the Web3 and blockchain domains, to offer its new members access to the $150-million-accelrator fund. According to the partnership, Brinc could identify, empower, and invest in startups that develop Web3 and blockchain technologies.



Bin Sulayem noted: &#8220;I often view our member company registrations as a barometer for commercial and FDI activity in Dubai – these record-high numbers demonstrate burgeoning investor confidence in the emirate and the growing number of opportunities that Dubai presents.&#8221;



Meanwhile, Chief Operating Officer of DMCC Feryal Ahmadi pointed out that the center will continue its work throughout this year by enhancing its offerings and services and building more partnerships worldwide to bring new trade flows through Dubai.

dmcc-free-zone

Crypto

Dubai Home of Over 500 Crypto Companies

The 22nd edition of the World Blockchain Summit (WBS), the largest global event for crypto, web3, and blockchain will kick off on October 17 at the Atlantis, the Palm, Dubai.



Under the auspices of Sheikh Juma Ahmed Juma Al Maktoum, a member of the ruling family of Dubai, the three-day summit will gather key influential figures who will discuss issues related to web3, NFTs, crypto, and blockchain.



They will discuss the future of the industry and the revolutionary ways it can transform businesses and government functions.



In this regard, CEO of Elite Partner Investment Furqan Rassul said: &#8220;Dubai is the right place for innovation in the blockchain space. We are happy to be working with WBS to achieve the vision set by the government of Dubai on its Blockchain and Metaverse Strategy.&#8221;



Among the key speakers who will take part in the summit are Co-founder SmartMedia Technologies Reeve Collins, CEO of Dubai Blockchain Center (DBCC) Marwan Alzarouni, Polygon Co-founder Sandeep Nailwal, Founder and Chief Executive Officer of Commodity Discovery Fund Willem Middelkoop, Crypto Oasis Founder Ralf Glabischnig, CEO of CoinMENA Talal Tabbaa, Pantera Capital Partner Paul Veradittakit, and Co-Founder and Chairman of Powerledger Jemma Green.



According to the event&#8217;s agenda, the participants will tackle various topics, including NFTs and the metaverse&#8217;s future, practical implementation of Central Bank Digital Currencies (CBDCs), the institutionalization of crypto markets, the current state of DeFi, regulatory advances in crypto and regulatory advances in crypto.



Choosing Dubai for hosting this edition comes for its openness to crypto and blockchain technology as it facilitates procedures to promote and foster the adoption of blockchain.



Dubai also opened a new free economic zone for business offering, issuing, listing and trading in crypto, <a rel="noreferrer noopener" href="https://worldblockchainsummit.com/dubai/" target="_blank">the WBS said on its website</a>.



World Blockchain Summit is a global series of elite gatherings that take place in more than 19 destinations across the world.



According to a report issued by the International Data Corporation in February, blockchain spending in the Middle East and Africa to go up 400% by 2023 from $21 million in 2019 to reach $105 million, with an annual growth rate of nearly 50%.

Middle East Blockchain News

Latest Middle East Blockchain News