- Dubai is heading to become the new crypto capital.
- Many crypto companies are moving to Dubai.
- UAE sets crypto plans for the next three years.
As the blockchain industry becomes more of a necessity in users’ lives, Dubai has taken its steps toward blockchain and crypto adoption. Dubai started opening its doors for crypto companies at the beginning of 2022 while giving undeniable offers.
The year 2022 started with Dubai having set laws and regulations allowing many crypto companies such as Binance, FTX, Bybit, and many others to open offices in Dubai.
Dubai has a zero personal income tax, meaning that residents in Dubai do not have to pay any income taxes no matter how much they earn. However, Dubai has set low crypto taxes among many regulations suitable for modern investments to grow.
Dubai has also hosted many great crypto events, such as the IFX Expo Dubai, AIBC, World of Web 3, Binance Blockchain Week, and much more. Not only that, Dubai has also allowed crypto businesses to set up in the DMCC free zone.
The public sector in Dubai is also embracing Web 3.0 as Dubai police started releasing an NFT collection at the end of March 2022.
Metaverse has also found a place in Dubai, with large companies such as DAMAC Properties announcing owning lands in the Metaverse.
Meanwhile, other countries have set regulations to make it almost impossible for crypto investors to work. One recent example is the latest crypto law in India that demands a 30% tax on crypto transactions. This pushed companies to move their business elsewhere.
Another example is the comment of a Pakistani State Bank governor on the crypto industry, in which he said “crypto has no good use.” Other countries made it even harder on companies to invest, while Dubai has opened its arms wide for such investments. With that being said, it is now obvious that this is not a coincidence but a wise decision.
The article is originally published in Coin Quora