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Dubai Business Explosion in 2023: Free Zone Includes More Than 500 Crypto Startups

09 Mar, 2023
Dubai Business Explosion in 2023: Free Zone Includes More Than 500 Crypto Startups

Crypto and Bitcoin are vital words that we’ve heard for the past few years, and we’ll definitely continue to hear them in the future as well. The latest technology that lies behind crypto, the blockchain, is used in all sorts of businesses, and all firms and companies that want to be a part of the future will have to hop on the wagon of innovation if they want to succeed.

Crypto means financial freedom, and everyone who’s been a part of this world, especially during the past few years, already knows this and is aware of the massive importance that this has for one’s life. Dubai understands the importance of crypto and the blockchain, and this is the main reason why UAE is open to the latest tech and fully embraces it.

Dubai managed to become in the past few years, one of the most important hubs in the world regarding tourism, real estate, and crypto as well. The city is a dedicated hub to all crypto lovers, and it seems that according to the latest reports, the city managed to attract twice as many digital asset startups in 2023 compared to the previous year.

 Also Read: Buy Property With Crypto

Dubai’s crypto industry is thriving for innovative businesses 

According to the latest reports coming from the essential online publication Blockworks, Dubai managed to attract more than 500 crypto companies in the wealthy city’s digital asset ecosystem.

Blockworks noted just last month the fact that The Dubai Multi Commodities Centre (DMCC) said Monday it registered around 3,000 new businesses last year, representing a 23% jump from 2021.

According to the official notes, it’s important that we mention the fact that of those, 343 were digital asset startups joining DMCC’s “Crypto Center,” the group told Blockworks, which would mean around 150 crypto-related startups were added in 2021.

Just in case you are not aware of this fact, the DMCC is the city’s flagship free zone which gives tax breaks and other benefits to startups. Another issue that we have to mention is that it launched a crypto hub in 2021, located in a 68-story skyscraper in the Jumeirah Lake Towers area of Dubai. 

According to the January reports revealed by Blockworks, the center is meant to serve as a coworking and networking space for entrepreneurs in the crypto and blockchain sectors.

It’s also essential to highlight the fact that digital assets technically fall under the Virtual Assets Regulatory Authority (VARA) purview; the Securities and Commodities Authority (SCA) — a UAE federal agency — is also responsible for some oversight of the digital asset industry.

“Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as Web3 and blockchain technologies, commodities and global trade,” said DMCC CEO Ahmed Bin Sulayem.

The piece posted by the same online publication that we mentioned above notes the fact that there is a number of digital asset firms that have already begun setting up in the UAE back in 2022, and they did this in order to be able to benefit from the massive advantages of the region’s enormous plans to flourish as a crypto hub.