Cryptocurrencies have taken the world by storm for the past few months. The attractiveness of cryptocurrencies lies in their decentralized nature, which makes them immune to manipulations by governments or foreign entities and a viable alternative to help eliminate inflation and financial crises while decreasing dependence on foreign currencies.
Several countries and regions are making a play for the cryptocurrency crown. Given the track record of the United Arab Emirates in digital transformation and facilitating international trade, their bet on crypto is promising.
If you are wondering why businesses should open their crypto setups in the UAE, check out the three primary reasons.
UAE is a rising economic hub
The UAE government is known for taking steps to establish a robust digital economy by leveraging digital transformation. Digital currencies can be bought with fiat money or used as payment for certain goods and services. Everyone can invest in cryptocurrencies even if they don’t have much money.
Additionally, the authorities of Abu Dhabi have created a regulatory framework to ensure the safety of businesses and their customers who want to use digital currencies on the market.
UAE is a safe place for business
First and foremost, it is fundamental that no personal information is shared, and that anonymous calls, messages and ads are ignored. UAE is a safe place for business, as the government and its laws protect the rights and interests of shareholders.
It has adopted elaborate regulations and established a dedicated regulatory body while issuing licenses for more than 30 exchanges to be set up. Besides, UAE has a stable economy and banking system, which are favourable conditions for the development of any company. With its favourable regulations and advanced infrastructure, DMCC is the perfect location for companies looking to establish a presence in the cryptocurrency market.
Last year, Dubai Police created the Digital Assets Crime Section in response to the increasing cyber crimes happening around crypto matters.
UAE empowers crypto investors in the fight against scammers
In early 2022, Dubai approved the Dubai Virtual Asset Regulation Law, which is aimed at establishing an independent authority to overlook the emergence of the best business environment in the world of virtual assets in terms of licensing, governance and regulation.
The UAE has announced the coming of several cryptocurrency trading platforms in its market. For instance, Binance, the world’s leading cryptocurrency trading platform, was recently granted a licence to operate in Dubai, and in early 2022, crypto.com and Bybit announced their establishment as well.
The availability of investment opportunities
The UAE is the perfect destination for businesses looking to enter cryptocurrency. It is critical to conduct transactions using exchange platforms regulated by the UAE financial regulator by checking, for instance, with the Abu Dhabi Global Market (ADGM) or the Dubai Financial Service Regulatory Authority (DFSA) for their licence and regulatory permission.
What works in UAE’s favour is that, unlike the US, UAE has moved past the stage of appealing to existing authorities to work together. Unlike the European Union, it does not have years to wait before the legal framework is entirely in place.
The government has supported blockchain technology since its infancy and made it easy for companies to invest in cryptocurrencies. The country’s strategic location is well positioned to be a global hub for cryptocurrency exchanges and a home for high-quality blockchain talent.
The best part? You don’t have to leave your desk!
It’s important to stress that crypto investing is still relatively new. While there are risks involved with investing your money into this asset class, it holds tremendous potential for those who know what they’re doing. UAE is emerging as a robust economy. The country aims to create an economic environment that encourages investment, trade and innovation by providing excellent business facilities.
If you want to set up your crypto companies in the UAE, contact Healy Consultants – one of the best corporate service providers that can help you start your crypto trading from scratch to the end. Those looking at “Cryptocurrency” as a form of investment may steer their ship to the region.