As of January 2023, more than 500 crypto startups have registered in the Dubai Free Economic Zone. This is a very good result!
In my opinion, while some countries are focused on tightening controls, Dubai's experimental approach could become a benchmark for other regions.
Is there any notable startup/business registered in DMCC? I tried looking into their website but I can't find any names that I recognized. Granted I'm not up to date with new crypto startups nowadays, but considering they have such a large number of registered companies, I thought I'd recognize one or two[1].
According to some news that I read, the majority of those numbers are small businesses, while larger one such as Binance is yet to register here. They probably don't need it anyway since most programs that I see are about kickstarting their business and networking support. Most of their claims of successful members also refer to local businesses.
Registering a company in the Free Economic Zone is easier, but there are certain restrictions for the company. It is tedious to obtain additional permits if you want to expand the market.
Some reports claim the due diligence process to register as a member is quite strict, but there is no comparison to other regions/countries so that's that. From the way I see it, an established business looking to open a branch in Dubai would likely benefit more. That being said, I can see how a new business registers an office there and just hire overseas freelancers to cut cost[2]. CMIIW.
[1]
https://blockworks.co/news/dubai-free-zone-now-home-to-more-than-500-crypto-startups[2]
https://www.dmcc.ae/free-zone/set-up-a-new-company