The blockchain community has often struggled to navigate a maze of regulations that can stifle innovation. Over a decade ago, cryptocurrency projects faced minimal restrictions, allowing rapid growth and development. However, as the years went by, many countries enacted regulations that made it difficult for these projects to thrive. China and India serve as prime examples. In China, projects like NEO, often referred to as the “Chinese Ethereum,” and Binance, one of the world’s largest exchanges, emerged and gained international success. Similarly, India saw the rise of Polygon, a prominent Layer 2 scaling solution for Ethereum. Today, however, China has made cryptocurrency trading virtually impossible, and India has imposed severe restrictions on the industry.
The UAE, however, is at the forefront of countries that have adopted blockchain projects positively while keeping investors’ interests safe and sound. Cryptocurrency-related regulations have been welcoming to the industry, and have stayed this way since the emergence of the industry. Moreover, the well-praised British-influenced common law practices and efficiencies in the Emirates have allowed businesses to take advantage of the much-needed clarity that is necessary for businesses.
While the EU and other countries, such as Switzerland, Singapore, and Japan, have presented crypto-friendly regulations, they are still making it difficult for foreigners to migrate to the country. As many of the cryptocurrency-related projects have emerged by entrepreneurs in often-unstable developing countries, with often crippling related regulations, the founders behind these success stories often want to migrate to regions in which they are personally and financially safe and sound. The UAE, with its variety of visa programs, has made it more accessible than virtually anywhere else.
Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures, tells us that “our group of companies, under the umbrella of MNA Ventures, and in particular OTC Business Services, has been helping many entrepreneurs from both the relatively nascent crypto-world, and beforehand the tech and traditional industries, move to the UAE.” Al-Rashed asserts that the team does not just help clients settle down personally, by helping them find the right place to live, work and raise their families, but also provides the necessary global structure, legal advice, business consultancy, banking, and additional support as required, making the transition smooth and stress-free.
While OTC has been facilitating these services long before the first bitcoin was ever minted, the advent of cryptocurrency has been a game-changer. “While our business has done well ever since we launched nearly two decades ago, the past half a decade, with the tremendous growth in the blockchain world, has changed the picture for us and the UAE business world in general. From a non-existent industry, in just a few years we have had hundreds of clients coming in. This has now reached such an extent that we now have to respectfully reject most new clients who want to join us,” says Al-Rashed.
Entrepreneurs, especially those in the blockchain industry, find the UAE, particularly Dubai and Abu Dhabi, to be among the most attractive places in the world to migrate. The welcoming regulations make it convenient for crypto entrepreneurs, particularly from Southeast Asia, the EU, and effectively every corner of the world, to move their businesses, themselves, and their families to the UAE. “We’ve seen how difficult it can be to move to a new country, both from the personal perspective and the business one,” Al-Rashed summarizes. “Our vision is to be a single point of contact to clients, facilitating their private and business requirements in every aspect possible, from immigration to entering the real estate market, from banking to providing legal advice, and providing support with every additional opportunity.”
Lead image: Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures.