Despite various world crises that humanity has seen lately, there are multiple moves that are taking place and which take the mass adoption of Bitcoin and crypto on the path to success.
We have recently addressed various moves that are taking place in Dubai that make the location one of the most important ones in the world for crypto enthusiasts.
More nations are seeing the importance of adopting digital assets and their underlying tech, the blockchain, in 2022.
Traditional finance is showing its flaws, and the future gets closer with the help of digital assets. Fiat money will become oblivious over time, and people will be using crypto in the near future, according to more and more experts in finance and economics.
Now, more juicy news is out, and it’s about making Bitcoin as a payment service.
Emirates Airline to use BTC as a payment service
Accoridng to fresh reports, amidst the various crypto severe events that have been taking place in the markets, the mass adoption of Bitcoin and digital assets continues to go strong.
The airline reportedly plans to recruit personnel to create applications that monitor client needs.
The United Arab Emirates (UAE)’s leading airline, Emirates Airline, will soon embrace “bitcoin as a payment service.”
This is what the company’s chief operating officer (COO) Adel Ahmed Al-Redha has said. In addition, the airline will add non-fungible token (NFT) collectibles on its webpage.
There have already been all kinds of reports involving the airline’s plan to embrace bitcoin come just a few weeks after it revealed its NFT and metaverse plans.
As reported by Bitcoin.com News, the company’s goal with the metaverse launch is to ensure the airline is “aligned with the UAE’s vision for the digital economy.”
Arab News notes that Al Redha hinted that his company might have to recruit employees to assist it in creating apps that monitor customer needs. He also spoke of the differences between NFTs and the metaverse. He explained:
“NFTs and metaverse are two different applications and approaches.”
He continued and said the following:
“With the metaverse, you will be able to transform your whole processes — whether it is in operation, training, sales on the website, or complete experience — into a metaverse type application, but more importantly making it interactive.”
This is yet another example of how great Bitcoin and crypto adoption is going these days despite all kinds of crises that are taking place all over the world.
We’re living strange times, and our ordinary lives, as we used to know them, seem but a mere memory. Everything changed in 2020 when one of the most significant crises that our generation has ever seen struck the world.
The pandemic made life a living hell for over two years, and just when we thought that things would go back to normal, tragedy struck again. This time it was war – the Russia-Ukraine war that managed to affect the economics of all nations all over the globe.
Over the last century, lots of countries have been faced with high taxes, and rich people had to pay higher rates. But more recently, there has been a lot of fuss about a global wealth tax. The pandemic managed to result in a lot of countries entering severe debts, and the issue of taxing has been pushed exceptionally far.
Now, wealthy people are expected to pay the expenses. There are specific countries that have been looking to implement a wealth tax – these are in Europe, Canada, and the USA, especially California.
On the other hand, as you can imagine, wealth taxes don’t often bring the desired results. In the countries throughout Western Europe where higher taxes are more common, these were not as successful as expected. Wealth taxes turned out pretty successful at driving people out of the specific country, and this decreased the economic confidence. The result was obviously different from the one that governments w2ere hoping for – securing more funds for the country. This led to increased creativity from the government part regarding how they are trying to tax the wealthy.
The pandemic ended up giving enhanced control to governments all over the world, and citizens have been more controlled than ever. In other words, we have more control over our heads, higher taxes, and less freedom.
Anyway, below, we will address the most critical concerns regarding these new wealth taxes and the effects that this trend has. Among the consequences is the second citizenship that people are considering these days.
American wealth tax and its dangers
The whole idea of taxing the wealthy at higher rates has a lousy result regarding the attitude that people have toward wealth. This creates a bad attitude, that’s for sure. Wealth is no longer seen as a great result that someone enjoys following hard work years. Instead, it’s seen with skepticism as something that is unfair and unequal. This can be extremely dangerous.
Let’s take Elon Musk as an example. You may be aware of the fact that recently he addressed all kinds of tax-related subjects when people said that he does not pay enough taxes, considering how wealthy he is.
At the end of 2021, Musk was faced with a hefty tax bill, possibly the biggest in U.S. history.
According to the online publication, this is pretty close to a CNBC estimate. This reveals that Musk was set to pay a total of $12 billion in taxes in 2021.
CNBC also noted that Musk has sold off $14 billion worth of Tesla stock since early November. He reportedly made this move after asking his followers in a Twitter poll if he should sell 10% of his holdings. The response to that poll was a resounding “yes.”
On the other hand, it’s worth noting that probably Musk would have begun selling anyway. That’s because he faces a massive tax bill on Tesla stock options.
For those wondering, I will pay over $11 billion in taxes this year
Someone hopped in the comments of Musk’s post and left this relevant message: “trash government: “pay your share” Elon: “ok here is literally more than anyone has ever paid in history” trash government: “wow, what a freeloader, now please everyone in the USA give us more money, and we will print 2.5 trillion more from thin air.”
Most people now feel that wealthy individuals should be taxed more in order to give back to their government. They also have to watch their money being used extremely invectively.
The change in attitude towards the wealthier people, unfortunately, becomes more and more acceptable. As you might have guessed, this is where the danger lies.
For instance, according to official data, in California, three out of four people feel that it’s okay to tax the wealthy at higher rates, and this is an issue that worries more and more financial experts.
People who are businessmen who have worked hard all their lives to secure their funds so that they can eventually retire and live off hard work could see that their bank accounts are in danger.
Such a wealth tax could deplete not only their income but also their assets on a regular basis. The governments will always make sure to find new ways to get people’s money, that’s for sure.
Wealth tax proposals in the US
Some liberal policies that are raising the federal tax on successful people eventually become a reality in the US, and this is not a good thing at all.
Over the past decades, the US has become more and more liberal in its view of income inequality. It’s important to note the fact that at the federal level, Elizabeth Warren is still proposing new ways to strike at the wealthy. She also keeps looking at new ways to bring down big businesses.
Warren’s latest proposal is targeting the ultra-millionaire, not for their income but just their wealth.
It’s very important to note the fact that anything you hold over $50 million is then subject to a 2% tax. It’s also important to note that more percent is added for anything over $1 billion. It totally turns the income tax system on its head, according to more expert opinions.
Nomad Capitalist author Andrew Henderson notes that Massachusetts, which is home to Senator Elizabeth Warren, has artistically called its wealth tax a Fair Share Amendment. Americans are in love with fair. This millionaire tax was passed back in 2019, and it makes sure to add a 4% surtax on a person’s annual income over $1 million.
The amendment’s supporters are claiming that it would bring in $2 billion for good causes like education and transportation. “Everyone wants good education and transportation. But those who know the trouble with wealth taxes argue it will hurt the state’s economy by driving out the wealthy and discouraging investors,” according to the author of the article published by the online publication mentioned above.
CNBC reported that Governor Cuomo wants to increase the wealth tax in the state of New York from 8.82% up to 10.86%.
In other words, the residents of New York City would pay a top rate of 14.7% in state and local taxes. Just in case you did not know, this is the highest income tax rate in the nation.
It’s also important to mention the fact that the state’s budget deficits have spiraled even further out of control during the pandemic. This is part of the governor’s plan for recovery. The authorities are taking more money from those who have managed it well in an effort to recover from terrible mismanagement.
Another important issue that is worth mentioning is that Washington has proposed a few options for taxing the wealthy at higher rates. These moves have been made in an effort to cover their pandemic spending.
Things are not this bad only in the US but also around the world. The online publication mentioned above also notes other nations that have taken such drastic measures.
Taxing the wealthy is not an isolated idea, and Canada, the UK, Argentina, New Zealand, and more are seeing the same measures.
Introducing a wealth tax equals disastrous financial choices
Experts’ concern is that starting with a wealth tax of just 2% could end up God knows where. Over time, this percentage will continue to rise as the threshold for those qualifying for the wealth tax will decrease.
The conclusion is that high net individuals are basically in a 50/50 business relationship with the US government. They are giving half of what they earn to the government. While they are doing all the work, the government takes its cut. The same author mentioned above notes that most recently, France tried a super wealth tax of 75% on anything over 1 million Euros. They have since repealed it.
Anyway, if the wealthy see higher and higher taxes, they will leave because no one wants to pay so much to the government.
Americans renounce citizenship
More and more Americans are renouncing citizenship, and the trend is on the rise. People in a lot of countries took the decision to move abroad, especially in the new context in which more signs show the fact that we are not in charge of our wealth.
Just take as an example what happened in Canada and Russia.
As you already know by now, crypto popularity is on the rise, and this is happening at a really fast pace. In 2022, people have eventually understood the enormous importance of financial freedom, and this is the main reason why digital assets are gaining so much popularity.
After people saw the fact that the governments have the ability to freeze people’s bank accounts at their convenience, this resulted in boosted crypto adoption.
People who use fiat currencies and keep their money in various banks are not actually the keepers of their own wealth, and this is beyond disturbing. You won’t see such a thing happening with crypto, and this is the main reason for which mass adoption of digital assets is going strong.
More than two years ago, when the pandemic started and all hell broke loose all over the world, the digital assets saw a massive adoption boost.
It’s vital to note that this continued during the two years of nightmare triggered by the pandemic. With the drastic measures that have been taken amidst the pandemic throughout the globe, the crypto assets turned out to be a solid and resilient safe haven. Bitcoin was also called a hedge against inflation. We’ve already addressed how the rising inflation is boosting the state of Bitcoin as a hedge.
Anyway, let’s get back to the issue about Canada and the fate of the Truckers Convoy. As you probably know by now, their bank accounts were frozen due to the fact that they protested against their government. What does this tell us? In terms of fiat money and traditional banking systems, we don’t own our own money. We are not in control of our wealth.
Following more weeks of protests, the Canadian authorities eventually lifted the freezes of hundreds of bank accounts that were associated with the protest organizers.
Isabelle Jacques is an assistant deputy minister in Canada’s department of finance, and she recently told a House of Commons committee that the banks had begun unlocking accounts not too long ago and that no more finances would be locked up.
“The vast majority of assets are in the process of being unfrozen,” she said.
In order to note what happened for those of you who don’t exactly know, Prime Minister Justin Trudeau decided to invoke his country’s Emergencies Act for the first time in Canadian history.
This move was reportedly made by him in order to quell the unrest, and it gave the police sweeping new powers to go after the finances of the protesters.
People all over the world freaked out at this idea – the fact that someone can gain control over your finances due to your political preferences.
Crypto prevents such a thing from happening, and what had been going on in Canada has been basically advertising the benefits of crypto. More financial experts noted this very though via Twitter posts.
After two years in which we suffered enough amidst worldwide lockdowns due to the pandemic, not being able to use your own money during such stressful times can be a nightmare, and it doesn’t really look like the best medicine.
People all over the world understand that having your money kept in banks takes away the control that you have over your own wealth.
This is the last thing someone would want, especially during the troubled times in which we live.
We’ve already addressed the fact that crypto companies in the UAE are currently flooded with Russian who are trying their best to liquidate billions of dollars of crypto.
They are currently looking for safe havens for their fortunes, and this is due to how crypto is viewed in the UAE. Dubai is a true heaven for crypto lovers, and there are a lot of signs that support this affirmation.
The UAE is currently operating free zones, which are locations where citizens and nonresidents can incorporate firms to get visas and trade licenses.
Platforms such as Crypto Expat understand how important it is to be able to obtain a Visa quickly for those interested. According to the official website, Crypto Expat can help prepare a Visa for all individuals who want or plan to retire to the UAE. This way, people can get the chance to build their company easily and enjoy all the benefits of developing it in the UAE.
Motivations for renouncing citizenship
More and more famous wealthy people are renouncing the US citizenship, and Nomad Capitalist just named a few. The decision has been explained all over this particular article, and you can see for yourselves that it has a strong motivation since the taxes seem to be continually growing for the rich.
The question that we can find on a lot of people’s lips is whether these renounciants are tax traitors or they are justified expats? The answer is more than obvious, considering all the issues that we brought up earlier.
An increasingly heavy tax burden is placed on the shoulders of the wealthy people in the US and mot only. Just going offshore will not relieve people entirely of that burden.
This is the reason for which so many have realized that their only way out is to renounce the US citizenship. More people are looking for other locations on the planet in which they can truly live freely and where they can enjoy the wealth for which they worked their whole life.
Such locations can be seen in other previous articles that we have already posted. We keep mentioning Dubai as one of the most appealing safe havens that people are choosing these days. The reasons are many and varied, so we can take a look at some of them below.
Why Dubai becomes a destination for US expats
All in all, Dubai is completely embracing the mainstream crypto adoption. In order to embrace financial freedom, which is vital in 2022, people are choosing Dubai because here is the land of crypto enthusiasts. The mass adoption of digital assets has been one of the most important goals that the crypto industry has set in place. There have been a lot of moves made in this direction, and they continue in Dubai.
The UAE currently offers growing businesses stability, vast markets, steady growth, and all kinds of processes that are friendly to investors. People can enjoy all of this in a tax-free regime. The UAE has regulatory approaches for crypto. In Dubai, crypto regulation is nothing else than a move into the future.
This developing city managed to introduce a regulatory framework for crypto, and recently by introducing crypto regulation, Dubai is riding the wave of innovation.
The main target is creating a comprehensive legal framework. This aims to protect investors and get more digital asset startups to do business in the UAE.
The latest move that is taking place involving crypto regulation is a promising development for the crypto industry in this location.
What makes UAE an excellent choice for crypto investors? It’s important to note the fact that the countries that are included in the European Union are seeing some important changes these days.
The whole crypto space has been shaken by the decision that the EU Parliament took a few days ago. They voted for new regulatory measures. These regulations prohibit anonymous crypto transactions.
Decrypt online magazine notes that the vote was first reported by CoinDesk, and soon after confirmed to Decrypt by Valeria Cusseddu, advisor to the Committee on Economic and Monetary Affairs.
“The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets,” according to the same online publication mentioned above.
In conclusion, the final draft was overwhelmingly approved.
Dubai becomes the new crypto capital as important exchanges move here: Binance, BitOasis, and WazirX
The crypto space showed massive enthusiasm when Binance made a great announcement – it would offer its products to big institutions and accredited investors in the first phase of its operation in Dubai.
This is what the regional head of MENA, Richard Teng, told Arab News.
He also explained that the team wants to become the platform that builds tools bringing faster crypto adoption. Among the important goals is to enhance money freedom in this location and to have a more extensive palette of clients. This can happen by offering more products.
Binance has been making massive efforts to work toward a crypto-friendly ecosystem that manages to be inclusive, secure, and also transparent.
All of this is a part of strong efforts of setting faith in crypto. This can only be achieved with regulation. This is the trigger that can bring more big players into the crypto game.
In order to get such things done, Binance is currently running an emergency insurance fund that protects customers, called Secure Asset Fund for Users, or SAFU.
Such big efforts to bring more faith to the crypto space is necessary.
This is happening especially since there’s a considerable amount of skepticism among the potential investors.
This is due to high volatility in the crypto markets, among others.
Dubai is an extremely important location for crypto enthusiasts, and there is more news that has been supporting this.
Besides Binance, there is also the interesting story of BitOasis. The UAE’s home-grown crypto trading platform is seeing expansion in the Middle East, North Africa, and beyond, according to chief executive Ola Doudin.
BitOasis is simplifying crypto trading, that’s for sure. Since the start of this year, BitOasis has added more than 20 tokens to its platform.
Hopes for more growth are even stronger as in the past 18 months, the level of adoption of crypto assets in the Middle East has surpassed the global average two times over.
WazirX CEO Nischal Shetty, co-founder Siddharth Menon shifted base to Dubai
This is another interesting subject regarding the crypto adoption in Dubai that we have to address.
Besides the important exchanges that we already mentioned above, more are on their way to doing the exact same thing.
According to the latest reports coming from the publication Business Today, Nischal Shetty and Siddharth Menon, co-founders of Indian cryptocurrency exchange WazirX, have shifted their base to Dubai from India. According to the publication, this is what multiple sources with the knowledge of the matter told Business Today.
Sources said that Shetty and Menon have moved out of India with their families to Dubai. This has happened, although WazirX still has an office in Mumbai and Bengaluru.
Sameer Mhatre, a co-founder and the Chief Technology Officer at WazirX, however, continues to operate from India, one of the sources said. Currently, the entire workforce at WazirX is working remotely.
The same publication also mentioned that a WazirX spokesperson responded to our query by saying in a statement that the exchange is a remote-first organization with employees in over 70 locations.
“We are a remote-first organization with employees from over 70+ locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience unless they are required to travel officially. WazirX is headquartered in Mumbai and Bengaluru, and there is no change in any of our operating procedures. It is business as usual,” the statement said.
This move comes amidst the fact that the Indian government is imposing a 30% tax on crypto in addition to a 1% tax-deductible at the source. This led to a massive drop in trading volumes at crypto exchanges. It’s also important to mention the fact that the government made it very clear that no losses will be set off against profits on VDAs, and crypto mining will also be liable to taxes as well. This drew massive criticism among industry enthusiasts as you can imagine.
Shetty had earlier said in a statement that the crypto platform is in compliance with all applicable laws.
“We go beyond our legal obligations by following Know Your Customer (KYC) and Anti Money Laundering (AML) processes and have always provided information to law enforcement authorities whenever required,” Shetty had said and reported earlier by BT.
Closing words
As a short conclusion, it’s vital to understand that your government should be working for you, and not vice versa. When such a critical deal goes out the window, you should also jump out the window and look for greener pastures.
Expats are not traitors; they are simply people who want to be in control of their own life and wealth. We should start celebrating them and follow their example. These are people who are willing to live their lives based on the free market principle that both capital and people go where they are treated best.
Cryptoassets continue to prove their case in Ukraine, as well over USD 100m in crypto was raised during the first five weeks of the Russian invasion.
Per a report by blockchain research firm TRM which analyzed over 50 crypto donation campaigns, official government entities have received over USD 50m of donations. Other popular non-governmental organization (NGO) campaigns have netted another USD 50m in donations.
Bitcoin (BTC) and ethereum (ETH) were the most popular cryptoassets and together facilitated over 85% of all transactions. Alternative networks like Tron (TRX), BNB, and Litecoin (LTC) have stayed distantly behind.
According to Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine, cryptoassets have been “extremely useful” in the facilitation of funds in the country and have already purchased invaluable equipment for the Ukrainian Army.
In the recent episode of the Wolf of All Streets show, Bornyakov elaborated that cryptoassets were especially beneficial during the first days of the war when there was a lot of chaos in the country. “If you want to send a wire, and wire is going to get to your supplier in three days, you honestly don’t have three days, and maybe in three days you’re not going to live in this country anymore,” he said. In these circumstances, crypto is much faster, he added.
1. Aid For Ukraine
Aid For Ukraine is the official crypto fundraising initiative by the Ukrainian government. Powered by the country’s Ministry of Digital Transformation, the Kuna and FTX exchanges, as well as Everstake staking service platform, the page comes with a simple user interface that lets you donate in 14 crypto assets as seen in the image below.
Although not on the official page, the same Ethereum address, yet again, is also used to receive donations on other Ethereum-based fork networks that utilize the same ETH address system. These include donations via:
BNB (ex Binance Smart Chain) and BNB-based tokens, including NFTs;
Polygon (ex Matic Network) and MATIC-based tokens, including NFTs;
Optimistic Ethereum and its tokens;
Arbitrum and its tokens;
Avalanche, AVAX-based tokens, and NFTs;
Fantom, FTM-based tokens, and NFTs;
Cronos (ex-Crypto.com Chain), CRO-based tokens, and NFTs;
The Middle East accepts crypto with open arms. Some significant crypto exchanges are rushing to set up their headquarters in Dubai as the city becomes one of the most critical hubs of web 3.0.
Binance and, more important, crypto exchanges have moved their headquarters to Dubai. This will definitely lead to more and more similar moves from other crypto entities in the near future. Dubai also has new crypto regulation, which will only promote the mass adoption of the digital assets and their underlying technology, the blockchain.
Mass crypto adoption has been one of the most important goals that the crypto industry has set, and there have been a lot of moves made in this direction. They will continue, and the adoption wave will keep growing stronger.
Digital assets have been making headlines in the financial context for a while now, especially in the scenery of the Russia-Ukraine war.
The official reports noted that the Ukrainian government managed to raise millions of dollars in order to fund the fight against the Russian invasion. They turned the spotlight on digital assets.
Dubai steps up its crypto game – Case studies: Binance and BitOasis
Binance moves its headquarters to the UAE, and BitOasis follows suit
Not too long ago, the crypto space became overly excited when Binance made a great announcement. Binance will reportedly offer its products to big institutions and accredited investors in the first phase of its operation in Dubai.
This is what the regional head of MENA, Richard Teng, told Arab News.
He continued and said that the team wants to become the platform that builds tools bringing faster crypto adoption.
Their goal is also to improve the freedom of money in the region. Teng said this and then added that the company plans to serve a more extensive clientele by offering more products.
All these prospects look amazing, and the crypto exchange recently received the official license from Dubai’s Virtual Asset Regulatory Authority.
The company is now able to operate and expand in the region under the emirate’s ‘test-adapt-scale’ model for digital asset markets.
“It is an extremely innovative approach from the Dubai government. It recognizes that crypto is quite different from securities, digital tokens, and commodities and proposes a dedicated framework that can serve different parts of the value chain, manage risks and support innovation,” he added.
According to the online publication Arab News, Teng’s massive confidence is not based on his hardwired optimism.
The official notes reveal that he has spent 20 years in the regulatory space and understands the region well. He used to be the CEO of Abu Dhabi Global Market for six years.
This was before he took over the mantle of the regional head of one of the world’s largest crypto platforms.
Teng said: “Working with the Dubai government you realize how well the country supports innovation, crypto adoption, and blockchain development, which is helpful since these factors will become the pillars of several segments of the economy in the future.”
He also added the following: “Cryptos will be the future of finance and financial services. They are playing an important role in cross-border payments,” said Teng.
He also added that this currently poses a massive challenge because the fees for making payments across borders are incredibly high.
Binance has been making massive efforts to work toward a crypto-friendly ecosystem that manages to be inclusive, secure, and also transparent.
One important issue to mention is the fact that back in December, the company signed a partnership deal with Dubai World Trade Center Authority. The move was to help it set up and regulate an international virtual asset ecosystem.
It’s pretty obvious that this makes it an excellent case for a public-private partnership in the digital space. The crypto exchange is also hiring 100 positions in the UAE to keep up the momentum in the region.
“We are working closely with institutions to make sure the next generation is ready for crypto, blockchain and tokenomics,” he said.
It’s also worth noting the fact that the company will soon be introducing training programs in the region on the markets and how to trade responsibly.
All of this is a part of a massive effort to set more and more faith in crypto. This cannot be achieved without regulation because regulation is the trigger that can bring big players into the crypto game.
In this direction, Binance is currently running an emergency insurance fund that protects customers, called Secure Asset Fund for Users, or SAFU. This entity was launched back in 2018, and the fund now stands at over $1 billion. If any user suffers a loss due to illegal activity such as hacking, the company compensates for the loss.
Making such essential efforts to bring more faith to the crypto space is necessary, especially since there’s a considerable amount of skepticism among the potential investors about the concept of a decentralized world of finance and its high volatility.
But it’s also vital to note the fact that it’s a matter of time when mature businesses and nations embrace the innate strengths of the crypto business and profit from it.
The story of BitOasis crypto exchange
The National News also brings up the interesting story of BitOasis. The UAE’s home-grown crypto trading platform is seeing expansion in the Middle East, North Africa, and beyond, according to chief executive Ola Doudin.
Doudin is an accidental entrepreneur, according to the online publication, who did not like the corporate culture.
They also note the interesting fact that she decided to hop in the crypto wagon back in 2015. Despite the controversies that are surrounding the crypto space, she and a co-founder managed to build a business that has carried out crypto traders above $4 billion.
It’s been also reported that the massive success of BitOasis is the result of sheer dedication and tons of really hard work. The project grew from a side one that Doudin had with crypto enthusiast Daniel Robenek into one of the Middle East and North Africa’s biggest crypto trading platform.
On the other hand, she had no time to rest as the evolution of regulations across jurisdictions is opening up new avenues of growth for the company in the Mena region and beyond, Doudin said.
She also noted the fact that full-time jobs were not at all what she wanted and said that such a thing would not allow her to flourish.
After that, she began working on entrepreneurship initiatives with Aramex founder Fadi Ghandour. During her research into start-ups and FinTech ventures on different models of payments when Doudin developed an interest in Bitcoin and the tech behind the digital assets, the blockchain.
Realizing how disruptive the tech is and how high the potential of the digital assets is, she reached all kinds of crypto enthusiast meetings in Beirut, Amman, and Dubai.
Back then, during one of those meetings at Souk Al Bahar in Dubai, she met Mr. Robenek, BitOasis’s chief technology officer and the engineering brain behind the platform’s system security. He dropped out of his doctoral program to join the venture.
They discussed all kinds of juicy subjects during the meetings, including themes about accessibility, buying and selling Bitcoin locally.
She said that it’s obvious that people want to buy. Founders were convinced that with technology adoption, there was a “huge use-case for cryptocurrencies and that necessitated a platform to buy, sell and store crypto assets safely.”
She said that this is how the exchange started.
BitOasis was launched back in 2015, and it has come a long way from being a “minimum viable product,” and so has the crypto market in the Middle East.
The Middle East is one of the fastest-growing crypto markets in the world, and according to official data, “Turkey had the highest transaction volume at $132.4bn during the July 2020 to June 2021 period. The UAE is in third place behind Turkey and Lebanon, with a transaction volume of $25.5bn.”
The massive boost of the regional market is reflected in the rapid growth of BitOasis. This venture started with Bitcoin only, and today, investors of the platform can trade over 40 cryptos.
The main focus is on retail investors, but the company refined its offerings to serve institutional investors as well.
This trading platform allows investors to buy, sell and also swap cryptos and manage their portfolios as well.
BitOasis is simplifying crypto trading, that’s for sure. Since the start of this year, BitOasis has added more than 20 tokens to its platform.
Hopes for more growth are even stronger as in the past 18 months, the level of adoption of crypto assets in the Middle East has surpassed the global average two times over.
She made sure to highlight the fact that the level of adoption across the Mena region is 1,500% in terms of growth. This is compared to the 800% in terms of growth in a global region.
Here’s one relevant question that she was asked: “What is your entrepreneurial philosophy — are you a risk-taker or a cautious businessperson?”
The answer was that she started the exchange believing that crypto can change the way we transact, save, and invest as well.
According to her, the regional crypto space is buzzing with activity now. She said that back in 2015, the idea of launching a regional crypto exchange was very new. But now, things are obviously different.
She continued and said this:
“There was definitely an element of risk to consider, especially since no one could predict what regulation was going to look like in the near future and how that could impact the industry. So yes, overall, you could call me a risk-taker.”
Another interesting question that we believe is relevant in our case is the following:
“What new skills have you learnt in the process of launching BitOasis?”
She responded by revealing the skills that she had learned along the way. She said that in an industry like crypto, people need to be proactive and learn quickly in order to adapt to new developments.
She also said that even before a regulatory structure was in place, BitOasis “meticulously self-regulated to ensure the platform was at par with some of the best crypto asset exchange platforms in the world.”
She mentioned the fact that this move played a massive role in regulators seeing their value and understanding the fact that the exchange is trustworthy.
The team also adapted to the evolving regulatory frameworks in order to ensure continuous growth.
All of this was taken care of while staying compliant and providing the highest level of consumer protection. This comes following new regulations that Dubai embraced recently, and we also addressed as well.
Huge shifts of Dubai in the crypto space
These important moves that have been made by Binance and BitOasis are only mirroring the massive shifts that Dubai has seen in the crypto space.
People have been migrating to this crypto location for a while now, and it seems that this trend is only intensifying due to the multiple benefits that come to Dubai regarding the crypto space.
The mass adoption of crypto and their underlying tech has been flourishing in Dubai, and this will definitely continue.
The blockchain is an innovative technology that does not stop impressing the financial space and the business industry as well.
Binance boosts Middle East expansion with Abu Dhabi approval
Binance made a massive move when it moved its headquarters to Dubai. It also obtained a provisional green light from Abu Dhabi regulators, and it managed to deepen its expansion in the Middle East as well.
It’s important to note the fact that it was approved “in principle” by the Financial Services Regulatory Authority of Abu Dhabi Global Market to operate as a broker-dealer in digital assets.
The firm also made sure to say that the move is an initial step toward becoming a “fully-regulated virtual asset service provider” in the city.
As we already said, this is the second city Binance has secured approval from — the company received a crypto license in Dubai last month. The move also comes after Binance was authorized in Bahrain by the country’s central bank.
Binance pushed into the Middle East market following getting a not-too-warm welcome in other vital locations.
For instance, as CNBC notes, in the U.K., regulators placed restrictions on the firm, barring it from undertaking any regulated activity.
Also, it’s interesting to note the fact that in Singapore, it limited its service after the country’s central bank warned it might be in violation of local payment laws.
As a response to a tweet from CNBC, Binance CEO Changpeng Zhao said the company is “not shunned elsewhere” and that there’s “more to come.”
Binance used to be famous for tending to operate independently of other local regulations.
The CEO used to show his pride for not having an official headquarter, but as a response to global regulators, Binance now says that it wants to become a regulated business.
The UAE tackles risks from DeFi with massive efforts
The UAE is placed at the forefront of innovation and emerging tech, and it will definitely witness more global players descend on the desert to set up more crypto companies here.
This means that investors there will have more and more chances to have a vast palette of choices regarding crypto platforms.
The ones we mentioned above are already making a massive regional presence, and the investor sentiment is definitely at its peak with the nation witnessing disruptive investment options.
The Abu Dhabi Global Market (ADGM) has so far 11 fully licensed and approved in-principle virtual asset players in its community.
“Since ADGM introduced its virtual assets guidelines in 2017 and launched the world’s first fully comprehensive virtual assets regulatory framework and regime in 2018, we have seen a growing number of local, regional, and global players anchoring their presence and providing virtual assets activities and related services in Abu Dhabi, the UAE, and across Mena,” a spokesperson said.
“This, in turn, attracted a heightened level of retail and institutional investors’ interest and investment. In addition, ADGM has also earlier introduced its regulatory sandbox and fintech Digital Lab to encourage and assist fintech firms in testing their products in a “live” environment, and also to ensure that its fintech firms understand and comply with the UAE’s rigorous AML and KYC compliance standards,” said ADGM spokesperson.
ADGM is searching for market feedback on its proposed enhanced virtual asset framework and allowing regulated multilateral trading facilities or custodian groups within the ADGM to conduct non-fungible token (NFT) activities.
“Over the years, the UAE has also doubled its efforts to provide a supportive environment and regulatory framework for digital assets and blockchain.” These are part of collective efforts to boost global mass crypto adoption.
It’s also important to note the fact that recently, The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued a discussion paper on DeFi, in order to engage with industry practitioners and other stakeholders to explore the potential opportunities arising from decentralized finance (DeFi), associated risks and what a future regulatory framework may resemble.
An international online market research company called Toluna managed to conduct a global study to understand consumers’ perceptions of digital assets. They interviewed about 9,000 people aged 18 to 64 from four regions and 17 countries, including the UAE.
All in all, this important study showed the fact that the overall outlook for crypto investments in the UAE is solid compared to the other global markets.
It seems that about 78% of investors are expecting to increase the proportion that is allocated to investible assets for crypto investment in the UAE against the 67% in the global markets.
While moving to the UAE might seem a great idea, you might believe that a Visa is tough to get.
There are more and more companies that are taking care of Visas these days, as we already noted in our previous articles as well.
One crucial name among them is Crypto Expat – they understand the importance of getting a Visa quickly for those interested.
According to the official website, Crypto Expat can help prepare a Visa for all individuals who want or plan to retire to the UAE. This way, people can get the chance to build their company efficiently and enjoy all the benefits of developing it in the UAE.
UAE’s most popular industries – Banking, IT, and marketing
There are more and more UAE employees who want to change their industry these days. There are all kinds of career growth opportunities, and obviously, the most popular one is crypto.
We’re bringing up a new survey released by YouGov and Bayt.com. This relevant survey revealed that 6 in 10 professionals in the UAE are considering an industry change in the next few months.
It’s also worth noting the fact that about 49% are citing better salary as the top reason for an industry change. Then, comes better career growth at 46%.
This survey revealed the fact that hospitality, recreation, and entertainment emerged as the most appealing industries amongst those who consider an industry change.
Zafar Shah, who is a research director at YouGov, said the findings will support future earners and employees as well as offer a glimpse of industries.
The same survey also revealed around a quarter of UAE employees changed their industry at least once in the past two years.
They did this for higher salaries and better career growth opportunities as the top two reasons for changing their industry.
There’s another critical study that we have to bring into the discussion. A recent survey released by Cooper Fitch revealed that 23% of organizations would reduce their headcount.
The Bayt.com survey, which was conducted online from February 9 to 28, 2022, found that job seekers are most interested in working in banking, finance, accounting, IT and advertising, marketing, and public relations sectors.
“The survey provides the timely insights needed to orient Mena professionals towards opportunities as well as optimize recruiters’ hiring efforts. We find that technology-driven job creation is forecast to rise with IT/ Internet/ E-commerce expected to record the strongest growth in the coming year,” said Zafar Shah.
The crypto industry is one business sector that is exploding in popularity these days, and we have already addressed more reasons for which this is happening.
Financial security and safety are among these reasons, and this is completely understandable, especially considering the enormous crisis that the world has been hit with since 2020.
2020 managed to change life and normality as we used to know them, and ever since, life has been governed by fear and uncertainty.
Crypto bosses: the tide is turning on regulation
Regulation in the crypto space has not been looked at with too high enthusiasm, but this is an extremely important factor when it comes to crypto mass adoption.
The crypto industry has been promoting the mainstream adoption of digital assets a lot, and this trend continues.
There have been a lot of moves made in this direction, and they continue these days as well. The moves that the crypto exchanges and other platforms are making only come to support this claim.
A recent CNBC article notes that China has banned crypto, but countries like the US and Britain announced a move that will regulate the crypto space.
“The tide is definitely turning,” Changpeng Zhao told CNBC on the sidelines of the Paris Blockchain Week Summit. The crypto space has to make more efforts before we can reach mainstream adoption. This is also depending on global regulators as well.
Governments are making important moves in crypto.
“The regulatory landscape around the world is coming up to speed quickly,” Nicolas Cary, co-founder of crypto wallet maker Blockchain.com, told CNBC.
The UK government announced it would bring stablecoins into the local payments regime.
Governments want to foster innovation around financial markets and the next possible generation of the internet, known as “Web3,” crypto execs told CNBC.
Closing words
Crypto offers people a once-in-a-lifetime opportunity to achieve financial freedom. But unfortunately, 99% of the investors will never get there. Some critical advice regarding investments in crypto includes the following:
Build a successful crypto portfolio and keep it. Not every call that you make has to be correct. You can make only ten bets and hit one winner. In the crypto space, you don’t have to strive for perfection; you have to strive for profitability. In other words, this means taking losses along the way in pursuit of positive returns.
In order to implement this strategy, you have to diversify. Over diversification is pretty bad, but under diversification can also be harmful that’s for sure.
This is why it’s best for investors to build a portfolio of more projects, according to experts.
This way, you will be able to capture the overall trend of the market. If this is bullish, having exposure to more assets will turn out advantageous.
However, in a choppy/sideways market like this, you have to be more careful about the quality and quantity of projects you hold.
What does managing a portfolio consist of? Well, it’s not that difficult. It’s about taking profits, finding the best yield opportunities, staking and compounding, rebalancing based on performance, finding new projects, and discarding existing holdings.
Dubai gains more financial popularity with each passing day, and this trend continues its upward path. Businesses are moving their headquarters to UAE, and this is mainly happening due to the nation’s friendliness with crypto.
More investors are getting a second Visa and moving to Dubai for this specific reason. Businesses that operate with crypto need crypto heaven, obviously, and the UAE, in general, is slowly but surely becoming one of the most popular crypto locations.
The mainstream adoption of crypto is an essential issue to discuss in 2022, especially since we’re hopping from one crisis to another on a regular basis these days. This has been one of the most important goals that the crypto space has set, and there are more moves that are taking the goals closer.
Cryptocurrencies see mass adoption booming in 2022 in Dubai
There are a lot of crypto-related moves that are taking place in Dubai at the moment, which support the mass adoption of digital assets entirely. We have already addressed many of them in the previous piece.
Probably the most important move that has to be mentioned has to do with the new regulation involving digital assets that just got out recently.
Last year, a crypto-based relief fund in India was routed through entities in Dubai since regulations in the UAE are more favorable for such conversions.
Dubai is already a top-rated destination for crypto and web 3.0 in general, and the nation may have done the crypto space a favor. Back in March, the city adopted the very first law that is meant to regulate the operations of crypto and digital assets such as NFTs.
This has already been confirmed on Twitter Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the United Arab Emirates (UAE).
Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors. pic.twitter.com/LuNtuIW8FM
The new law notes that the UAE wants to establish a Dubai Virtual Assets Regulatory Authority (VARA). This is supposed to be tasked with regulating the assets.
According to the same online publication mentioned above, the VARA is also supposed to be an independent authority that is placed under the Dubai World Trade Centre Authority. It’s essential that this entity will oversee the regulation, governance, and licensing of cryptocurrencies, NFTs, and other virtual assets.
The VARA’s primary responsibilities include the following:
regulating the issuance of new crypto tokens
supervising and controlling the trading of virtual assets
ensuring that high standards of protection are in place
monitoring transactions
Also, it’s important to note the fact that the transfer of virtual assets, management services, exchange services, operating virtual assets platforms, and virtual asset custody is also under the VARA’s domain.
More than that, another issue that is worth mentioning is that this new law prohibits people from having to do with crypto-related activities without the Dubai VARA’s authorization.
More than that, people who want to deal in crypto will have to establish a presence in Dubai. This is a vital thing to mention.
Business Insider said that Maktoum said the country wants to establish Dubai as a “key player in designing the future of virtual assets globally.”
Lots of people hopped on Twitter and confirmed that moving to Dubai is the best decision that they are taking these days.
Someone said: “I am moving to Dubai soon for this very reason. Dubai, always has been on the forefront of advancement in technology, crypto, and proper execution of processes for a sustainable society. Several world leaders could learn a lot by the creation and evolution of Dubai.”
Financial freedom is vital in 2022
More and more individuals understand the importance of financial freedom, especially during an enormous crisis.
We cannot argue – since 2020, when the pandemic hit the world, normality as we used to know it came to a halt, and ever since, life has been lived under the sign of fear and uncertainty.
When we thought that this was over and we were going to get back to something as close to normality as possible, another tragedy hit – this time, it was the Russia-Ukraine war is affecting everybody one way or another.
One of the most important triggers that push the mainstream crypto adoption has to do with the fact that crypto brings freedom in a world with so many conditions. Where fiat money goes wrong, crypto makes it all better and safer.
Being able to spend your money wherever you go becomes vital these days. Just take into account what’s been happening lately and how the Russian people are paying for the dreadful actions of their president. Following the sanctions that Russia has been seeing, the Russian people are being punished.
In case you don’t know, the largest credit cards networks, Mastercard and Visa, and PayPal, which is the internet payments giant, have recently said that they suspended services in Russia.
This means that the credit cards issued by the Russian banks will not be working outside the country anymore. Such a terrible event is an example of the huge importance of being able to spend your wealth.
Besides this, there is also the issue with Canada, where Justin Trudeau gave the order to freeze the bank accounts of the people involved in the protests against the government.
All of this shows a single thing – you are definitely not the owner of your wealth as long as a bank is a custodian of what you own.
Anyway, as a conclusion, in 2022, people have finally understood the importance of crypto and the financial freedom that digital assets bring.
After people saw the fact that governments had the ability to freeze people’s accounts whether they choose to, crypto adoption saw massive boosts.
Bitcoin’s popularity is also surrounded by massive controversies, but this does not change the following: more and more merchants and venues are willing to accept crypto for payments.
The mainstream adoption of digital assets has been one of the most important goals that the crypto industry had.
There are so many uplifting things that have already happened in the crypto space that have boosted the mass crypto adoption to the moon, and they continue on the most successful path these days as well.
While Europe seems to be doing its best to gain control over the digital asset investors, not quite the whole world is doing the same.
The importance of inflation in Bitcoin’s rising popularity
Bitcoin’s mass adoption, along with the mainstream adoption of its underlying tech, the blockchain, exploded in the past years. What fascinates people the most is the fact that this has been happening in times of crisis.
Bitcoin managed to show its powerful ability to be a vital asset that remained uncorrelated to the traditional markets.
This boosted its popularity even more. Bitcoin is a safe haven and a hedge against inflation these days, and more people are understanding this important feature that the king coin shows.
Bitcoin was built by its creator Satoshi Nakamoto with a fixed upper limit regarding the number of coins that can ever come into existence.
The Bitcoin supply has been set at an upper limit of 21 million. This is a massive advantage that the coin has because it keeps it scarce. As you probably know by now, the scarcer an asset is, the more valuable it gets.
Keeping Bitcoin scarce will make sure that the value of the digital asset can hold steady for years to come.
This is precisely the reason why some are calling Bitcoin digital gold. By keeping the number of Bitcoin capped at 21 million, inflation can be controlled – the inflation that can arise from an unlimited supply of coins. To control inflation, Satoshi embedded a fixed supply of BTC into the network code.
This limited BTC supply is the one that makes BTC a scarce asset, and this is the main trigger that will boost the coin’s price in the future.
The fact there will only be 21 million Bitcoins in existence will ensure a steady flow of liquidity.
All of this is extremely important because inflation is on the rise everywhere, especially since the whole world keeps hopping from one crisis to another.
As inflation grows, people are always looking for ways to protect their savings from the devaluating effects that inflation brings. Inflation mirrors the rising prices of goods and services.
When people look at such surging prices, the purchasing power of the masses keeps decreasing, and this means that more fiat money is needed to buy goods and services that you would have been able to buy for a lower amount of money a while ago.
The micro and macro factors affect the rising inflation in society. The sustained rising inflation occurs when we have an increased supply of fiat currently in circulation that is not matching the economic growth.
Bitcoin is a hedge against inflation
CNBC published a piece not too long ago in which Bitcoin is described as being a great hedge against inflation. A good hedge against inflation can appreciate in value, and we know that this is precisely what Bitcoin has been doing over the years.
This can happen even as the purchasing power of fiat currency is going down. Bitcoin is shining bright as a hedge against inflation, and it delivers massive returns to investors.
The rising inflation throughout the world triggers positive results in terms of crypto. This can trigger more crypto adoption.
The CNBC article also notes the fact that the main factor that is making Bitcoin such a great hedge against inflation is the limited supply of 21 million coins.
Just recently, MicroStrategy’s CEO Michael Saylor who is also a Bitcoin maximalist revealed his thoughts on this important subject.
He believes that a boost in inflation will result in weakened global currencies, and it will also end up stimulating the crypto mass adoption.
He explained that a surge in prices would impact the whole economy and public debt.
The surge in food & fuel prices is going to further weaken global currencies and encourage the imposition of capital controls, price controls, & export controls, favoring a strategy based on digital products, digital services, & digital assets. #Bitcoinhttps://t.co/9QYb4DwqBV
The Bitcoin evangelist says that BTC is a strong hedge against inflation. He also addressed the fact that Bitcoin is a store of value to financial institutions, investors, and economists.
A lot of his followers believe that people do not understand digital assets enough and this means that more education on the matter should be on the table. For instance, a follower said: “Unfortunately people do not understand money let alone currencies. Need more global educational videos.”
All in all, Bitcoin is an excellent choice for investing your wealth these days, and more people and nations understand this. The UAE understands this is Dubai is the perfect mirror to support this claim.
The location represents a true heaven for crypto enthusiasts for which financial freedom is so important these days.
Billionaires trigger warning about the US inflation
Now, the Bitcoin billionaires are sounding the alarm about the US inflation and they address the US dollar as well.
Bloomberg shared a piece on the matter not too long ago. They begin their article by saying that the billionaires Ricardo B. Salinas and Orlando Bravo used an appearance at the Bitcoin 2022 conference in Miami to warn about the dangers of US dollar inflation. We have also addressed the subjects of inflation above.
“I have a big grudge against fiat, I call it the fiat fraud,” Salinas, the owner of Mexico’s Banco Azteca, said not too long ago.
He recounted the story of how his salary as a young MBA graduate in Mexico in the 1980s declined from around $2,000 a month to just $20 over six years, adding, “that’s hyperinflation.”
New regulations in Dubai attract more crypto investors
The new crypto regulations that we addressed at the beginning of this article are only setting the scenery for boosted crypto adoption in the area.
Business Insider, Financial Times, and more important publications note the fact that such new crypto regulations are luring the big foreign investors to the UAE.
Crypto companies rush to Dubai these days to set up their business. This is especially since the city started offering crypto licenses. This is making the gulf state the latest jurisdiction that is perfect for the people seeking to spend their wealth in crypto. Dubai is about to become a haven for the global crypto industry.
The crypto exchange ByBit recently said that it would be moving its headquarters from Singapore to Dubai. This is joining the important industry players Crypto.com, FTX, and Binance to establish a foothold in the city.
This massive enthusiasm for Dubai among crypto firms comes as their hopes of Singapore being a hub for digital assets have faded.
It’s still true that Singapore has approved just a few crypto groups that applied for licenses, but at the same time, Dubai has attracted a number of industry heavyweights in the few weeks since it launched its licensing scheme.
Changpeng Zhao, CEO of Binance, who relocated from Singapore to Dubai, said the Gulf state government has attracted crypto businesses with its “open-mindedness and business-friendly attitude.”
As you probably know by now, Binance is the world’s largest cryptocurrency exchange by trading volume. The exchange inquired about the rules under which it will now be regulated in Dubai.
It’s also important to note the fact that back in December, Binance signed an agreement with Dubai World Trade Centre, a duty-free business park, to advise on the regulatory landscape for cryptocurrencies in the Emirate. The Virtual Assets Regulatory Authority, which launched earlier this month, issued a license to Binance.
Zhao said that Binance had pushed for the formation of a bespoke regulator, describing the decision as “very excellent.” He also said that the Dubai authorities are “the smartest regulators and government officials anywhere in the world.”
All in all, Dubai’s crypto charm attracted more and more companies here.
FTX Europe, which is a Swiss-based arm of the exchange, said in March that it would establish a regional headquarters in Dubai.
This came after it got a license there. Singapore-based Crypto.com added a Middle East office in the city not too long ago as well. BitOasis, a Dubai-based crypto exchange, also received a provisional permit not too long ago.
It’s also important to highlight the fact that Binance has chosen Dubai, where it already has around 200 employees in three offices, as its regional headquarters, Zhao said. By comparison, he said: “The Singapore government takes a slightly more cautious approach.”
The main reasons why Dubai is great for investments
Experts concluded that Dubai is one of the best places to be if you are a crypto enthusiast.
“With no capital gains tax, ease of buying and selling (crypto) anonymously and spending with cash makes life very easy for an enthusiast (in Dubai),” according to a source who spoke to BeInCrypto.
The same source continued and said:
“Compared to most industrialized countries, I would say that Dubai is one of the easiest and best places to come and realize and spend crypto gains. Being able to buy property and cars for bitcoin is very unique and in many western countries not even possible.”
The UAE is an attractive crypto destination, and this is mainly due to the ease of converting Bitcoin and most digital assets into cash with low fees. People can do all of this while, at the same time, remaining almost anonymous.
This is vital these days when most authorities are trying their best to kill privacy and anonymity. Just look at what’s been happening in Europe.
The countries that are included in the European Union are seeing some crucial changes these days.
The entire crypto space was taken by surprise by the decision that the EU Parliament took a few days ago. The members of the EU voted for new regulatory measures, which turned out to prohibit anonymous crypto transactions.
Decrypt online magazine notes that the vote was first reported by CoinDesk. It’s also important to mention that it was confirmed to Decrypt by Valeria Cusseddu, advisor to the Committee on Economic and Monetary Affairs.
“The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets,” according to the same online publication that is mentioned above.
It’s also essential to note that the votes on a few amendments were tight, but still, the final draft was eventually approved.
Europe has been confronted with some changes that will definitely affect the crypto space a lot. As expected, investors are not happy – this is one of the reasons why the UAE is an excellent destination for crypto enthusiasts these days.
Crypto trading in Dubai – all you need to know
Trading crypto in Dubai is the easiest move, and this is one of the main reasons that the location has become crypto heaven for enthusiasts.
Here, exchanges generally require a basic KYC identity, and this is all that it’s needed.
Here’s an example – in the case of Cointral, which is a Turkish-owned exchange with an OTC desk in the Emirate, “you just walk in and trade on the spot,” according to a source who talked to BeInCrypto during an interview.
Another issue that is worth noting is that the crypto exchange mentioned above charged a general fee of 3%. According to the same notes, even though this might seem a bit much, “there are also many local dealers you can find to make low to high volume peer-to-peer (P2P) trades with fees around 1%.”
UAE-based online exchange Bitoasis offers similar OTC services, according to the same source who spoke to the publication. This allows “people to buy and sell with local bank transfers.”
It’s essential to note that crypto use in Dubai is so fluid that the central government has adopted deliberate strategies to advance mainstream usage.
It’s also important to mention that back in February, there was a government-owned entity in Dubai named Kiklabb, that began accepting BTC, ETH, and USDT as payments for its services.
Just in case you did not know, Kiklabb is a free trade zone that helps companies to set up shops in the Emirate. It also issues trading and more licenses. It also deals with visa processing. There are more and more companies that are taking care of Visas these days, as we already noted in our previous articles as well.
One important name among them is Crypto Expat – they understand the importance of getting a Visa quickly for those interested.
According to the official website, Crypto Expat can help prepare a Visa for all individuals who want or plan to retire to the UAE. This way, people can get the chance to build their company efficiently and enjoy all the benefits of developing it in the UAE.
The entity called Kiklabb also leases office space to its customers on board Queen Elizabeth 2 cruise liner anchored at Port Rashid in Dubai. The fantastic thing is that the payments for this and other services can be made in Bitcoin.
Crypto adoption obviously flourishes in Dubai, as you can see.
Tasawar Ulhaq, who is the chief executive officer of Kiklabb, said that crypto-based payments offer boosted accessibility for global entrepreneurs who are looking to start a business in the UAE. “Cryptocurrencies are the payment method of the future,” he stated.
Dubai is definitely a pro-crypto location that allows investors to buy, sell, or hold digital assets at zero taxes.
This seems absolutely outrageous to most of the world’s governments.
Most of them are pushing new legislation to levy taxes on capital gains from BTC. UAE has the goal of allowing more investments in the local crypto industry.
The same source said the following: “Dubai and UAE don’t have any tax on income or capital rendering the anti-money laundering laws very relaxed.”
They continued and revealed that crypto “are neither illegal nor recognized as legal tender in the UAE.”
It seems that banks could sometimes question the source of funds when conducting transfers, “but generally, it’s no questions asked up to very high volume.”
According to the official reports, the UAE is planning to use blockchain technology for 50% of government transactions this year. The Dubai Future Foundation estimates that the country could save more than $3 billion through blockchain and crypto use.
Many investors have been making significant gains via crypto, and lots of them are looking to cash out. Dubai is offering excellent opportunities in this direction.
The Visa issue is resolved by specialized firms such as Crypto Expat, as we noted above. All that investors have to do is decide how they will spend their crypto wealth in Dubai, and the rest is taken care of by such firms so that people can then enjoy the fantastic time that this heaven will have to offer.
Closing words
As you can see for yourselves, Dubai is definitely on its way to becoming a crypto hub and a center for web 3.0. As more people start to realize this, they will continue to move to the UAE in order to be able to spend their crypto wealth safely and securely.
More nations are seeing the importance of adopting digital assets and their underlying tech, the blockchain, in 2022. The mass adoption of cryptocurrencies has been one of the most important goals that the crypto industry has set, and there are more exciting things happening to support this.
Traditional finance is showing its flaws, and the future gets closer with the help of digital assets. Fiat money will become oblivious over time, and people will be using crypto in the near future, according to more and more experts in finance and economics.
The popularity of digital assets has been on the rise, and this is a thing that’s been happening, especially since 2020. Now, it’s 2022, and people managed to understand the massive importance of cryptocurrencies. They also understood how essential the countries that accept and adopt them are. There are a few countries on the planet that are showing massive support for crypto, and we’ve already addressed them in our previous articles.
As we already noted, people have managed to understand the importance of financial freedom these days, and this is one of the triggers that boosts the mainstream adoption of digital assets straight to the moon.
People saw what governments are able to do with people’s money – for instance, in Canada, the government froze people’s banks’ accounts at their convenience. People who are using fiat money and keeping their savings in banks are not actually their own keepers of the wealth. This is an issue that has become extremely disturbing.
You will not see this happening when crypto is involved, and it’s probably the main reason for which mass adoption of digital assets has been racing in times of crisis.
In 2020 when the pandemic started and all hell broke loose all over the world, crypto saw a massive adoption boost. It’s essential to note that this continued during the two years of nightmare triggered by the pandemic.
The drastic measures that have been taken due to this across the globe cryptos turned out to be a solid and resilient safe haven and a hedge against inflation.
Bitcoin’s popularity is also surrounded by massive controversies regarding all kinds of aspects. On the other hand, this does not change the following: more and more merchants and venues are willing to accept crypto for payments. As Investopedia notes, there are a few countries in the world where crypto adoption is rising straight to the moon. These include Malta, Germany, the UAE, and more.
In this article, we’ll address the high life that people can enjoy in Dubai, a city that is on its way to become the hub for web 3.0. UAE is a genuine crypto heaven these days and more investors are starting to understand this. This is exactly one of the reasons for which Dubai is so popular in the crypto space these days.
Dubai becomes a hub for web 3.0 – the first law to regulate crypto
Dubai is already a leading player in the web 3.0 community. For instance, back in December, the Dubai Media Office explained that the Dubai World Trade Centre would officially become a crypto zone. It’s also important to mention that all companies operating cryptocurrencies and virtual assets can operate from here, according to the notes.
At the time, a statement from the city’s media office said it would establish “rigorous standards.” This would be set in place for the sake of investor protection and in order to prevent money laundering.
Back in 2021, a crypto-based relief fund in India was routed through entities in Dubai since regulations in the UAE are more favorable for such conversions.
Dubai is already a top-rated destination for crypto and web 3.0 in general, and the nation may have done the crypto space a favor. Back in March, the city adopted the very first law that is meant to regulate the operations of crypto and digital assets such as NFTs.
This has already been confirmed via a tweet from Sheikh Mohammed bin Rashid Al Maktoum, the prime minister of the United Arab Emirates (UAE).
“Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. A step that establishes the UAE’s position in this sector. The aforementioned entity will cooperate with all related entities to ensure maximum transparency and security for investors,” Maktoum said in his tweet as per Business Insider.
The new law notes that the UAE wants to establish a Dubai Virtual Assets Regulatory Authority (VARA). This is supposed to be tasked with regulating the assets.
According to the same online publication mentioned above, the VARA is also supposed to be an independent authority that is placed under the Dubai World Trade Centre Authority. It’s essential that this entity will oversee the regulation, governance, and licensing of cryptocurrencies, NFTs, and other virtual assets.
The VARA’s primary responsibilities include the following:
“regulating the issuance of new crypto tokens, supervising and controlling the trading of virtual assets, ensuring that high standards of protection are in place, monitoring transactions, and more.”
Also, it’s important to note the fact that the transfer of virtual assets, management services, exchange services, operating virtual assets platforms, and virtual asset custody is also under the VARA’s domain.
More than that, another issue that is worth mentioning is that this new law prohibits people from having to do with crypto-related activities without the Dubai VARA’s authorization. More than that, people who want to deal in crypto will have to establish a presence in Dubai. This is a vital thing to mention.
Business Insider also noted that Maktoum said that the country wants to establish Dubai as a “key player in designing the future of virtual assets globally.”
Critical features of the virtual assets law
JDSupra also notes that last month, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, approved Law No. 4 of 2022 on the Regulation of Virtual Assets in the Emirate of Dubai (the “Virtual Assets Law”).
According to the very same publication, the landmark Virtual Assets Law is a pretty crucial legislative development that’s taking place in Dubai. This is applicable to crypto services that are provided all over the Emirate of Dubai and Dubai’s special development and free zones (except the Dubai International Finance Centre (“DIFC”)).
More than that, it should also be mentioned the fact that The Virtual Assets Law serves as an essential step in establishing the Emirate of Dubai’s position in the crypto sector. This critical law will undoubtedly have massive implications for the future landscape of crypto in Dubai.
The enactment of the new Virtual Assets Law also mirrors the increasing interest in crypto in the United Arab Emirates (“UAE”) and the region more generally.
Here are some of the essential features of the new Virtual Assets Law and the crucial implications that this law has over the related activities all over Dubai.
Establishment of a new Regulatory Authority
First of all, the law addresses the establishment of a new Regulatory Authority. This law is establishing the Dubai Virtual Assets Regulatory Authority (“VARA”).
This is an entity affiliated with the Dubai World Trade Centre Authority (“DWTC Authority”), as Dubai’s primary virtual assets regulator.
One thing worth noting is that under the Virtual Assets Law, VARA targets the important aim to promote Dubai’s position as a regional and international destination in the crypto sphere and to develop Dubai’s digital economy.
This entity will also enhance crypto investment awareness in the region. It’s set to attract investment and companies that operate in crypto in order to establish themselves in Dubai.
The law’s entry into force
Another issue that is worth mentioning has to do with the law’s entry into force. The Virtual Assets Law entered into force on March 11, 2022. This is the date of its publication in the Official Gazette. According to the official notes, any provisions in other legislation which are contrary to, or conflict with, the provisions of the Virtual Assets Law are effectively repealed.
The target of the new law
The target of the new law features an expansive scope, with virtual assets being defined as “a digital representation of value which can be digitally traded, transferred, or used as an exchange or payment instrument or for investment purposes.” This would include cryptocurrencies, tokens, non-fungible tokens, and any other virtual asset determined by VARA.
Activities that are subject to authorization
The fourth important point that is worth mentioning includes the activities that are subject to authorization. The new law is applied all over Dubai and the free zones; this does not regulate crypto services at a federal level, and this is essential.
It’s also worth mentioning that the entities that operate in Dubai which fall within the scope of the Virtual Assets Law shall be prohibited from engaging in specific regulated activities in Dubai unless authorized to do so by VARA. More than that, any permitted activities shall be conducted within the limits of the authorization granted.
Licensing and requirements
To get a license, the law stipulates that applicants have to establish Dubai as the headquarters for their businesses. They must also obtain a commercial business license from the relevant licensing Authority in Dubai. This process and the requirements regarding anti-money laundering, disclosure, KYC, and transparency procedures will be set out in the regulations.
Coordination with other authorities
VARA will coordinate with the UAE Central Bank in order to implement the necessary measures to bring protection and stability to the financial system. This is set to boost the number of bank transactions that involve crypto. More than that, this will also increase the regulation of DeFi apps and crypto lending. Both of these evolved over the past years a lot.
Responsibilities of the New Regulatory Authority
VARA will have a broad mandate which includes regulating the operation and management of crypto and managing digital asset platforms, service providers, and more that are related to digital assets, and authorizing exchange services between crypto and currencies.
Everyone who is subject to the law is required to cooperate with VARA, and this includes offering info and documents that the Authority needs in order to exercise its powers and achieve its objectives.
Penalties and sanctions
Under the law, VARA can take various measures and actions, including “suspending the issuance of authorizations, suspending the activities of any virtual asset service provider and suspending dealings with any virtual assets in certain circumstances.”
You can check out more of the legal issues regarding VARA.
Getting a new residential Visa in Dubai
A lot of reasons are resulting in more people moving to Dubai to start a new life there and to enjoy their wealth. Some of them are even starting new businesses in the UAE, which turned out really successful for a lot of people, especially crypto enthusiasts.
We’ve already addressed the massive importance of a nation that understands how vital digital assets have become in 2022, and this is the reason that Dubai is currently heaven for crypto lovers.
Starting a new life here is a great choice, and below, we’ll discuss some important issues regarding such an important move for individuals.
Lots of people are giving it a thought about whether to start a new life someplace else, abroad. This is happening especially considering the hardships that some locations on the planet are currently facing due to the pandemic or the Ukraine-Russia war. People are now doing their best to get second citizenship or residence.
We have already explained the fact that Dubai is one of the most favorite locations that crypto enthusiasts choose these days, and the reasons for which this is happening are extremely varied.
Two years of nightmares triggered by a pandemic that managed to change life as we used to know it for good have changed normality for all of us. What we used to call a normal life has become a life in terror, a life lived under the sign of fear and uncertainty. Now, new tensions are flooding the whole world, and this time, they are coming out of the war mentioned above. This is affecting the whole planet, and it’s no wonder that people are thinking about relocating, especially from the problematic areas.
There’s been a question that is on a lot of people’s minds, and it’s about considering moving to Dubai. There are a lot of reasons for which people choose this.
Official reports are saying that the UAE government managed to launch a new initiative that allows foreigners over the age of 55 to settle in the country.
The same notes reveal that residents under this Visa will have to obtain their own health insurance policy. It is also important to note that they will have to meet at least one of the following financial criteria:
“Earn a minimum monthly income of AED 15,000
Hold a minimum of AED 1 million in cash savings in a UAE bank account in a three-year fixed deposit.
Own a property worth at least AED 1 million within the UAE.”
As a conclusion, “this new visa will allow retirees to live in the country for five years, which will automatically be extended.”
Getting a Visa in Dubai – buy a property with crypto
In 2022, a lot of things have changed, and we are not talking about negative changes only. Contrary to a lot of people’s expectations, getting a Visa to move to Dubai is not as difficult as it may seem at first glance.
There are specialized companies such as Crypto Expat, which are eager to help their clients move there and, who knows, maybe even start a business and enjoy all the benefits of developing it in the UAE.
The UAE has to offer enormous and growing business stability, huge markets, steady growth, a tax-free regime, and all kinds of investor-friendly processes.
It’s great to know that all kinds of innovative business models can be created in the UAE. As we already explained, the fact that the location is crypto-friendly is vital, and this is the safest option that people have here for making payments and doing business.
More and more people choose to spend their wealth in Dubai, and a lot of individuals see the many reasons for which real estate is a great choice. Speaking of crypto, digital assets allow the buying of any property in the UAE safely, easily, and quickly.
It’s really important and helpful that there are specialized companies such as the one mentioned above that help people with getting Visas to Dubai.
On the other hand, in order to get a visa to the UAE, you would need to get in touch with one of the UAE-based airlines, a tour agency, or a hotel where you plan to stay in the UAE.
More than that, they will apply for Visa on your behalf to the official Visa-issuing authorities in the UAE.
Tourist Visa for the UAE
On the official website about getting Visas for the UAE, you will be able to see all the necessary info regarding tourist visas and more.
For instance, on the official website, we can see that a tourist visa is for the people who are not eligible for Visa on arrival or a visa-free entry to the UAE.
According to the same notes, “Tourist visa can be obtained for eligible individual tourists from around the world. Females below the age of 18 are not eligible to apply for this type of Visa unless they are travelling with their parents.”
The official website also notes the fact that according to a Cabinet resolution that was passed in July 2018. This resolution says that children under the age of 18 years who are accompanying adults can get a free visa for their visit from 15 July to 15 September each year.
There are also important data about the new multiple-entry tourist Visa. This can be issued for all nationalities in a move that is targeted to facilitate the process for tourists and visitors.
“The five-year visa enables tourists to enter multiple times on self-sponsorship and remain in the country for 90 days on each visit, which can be extended for another 90 days.”
On the same website, you will also find information regarding the validity of a tourist visa.
Depending on people’s plans, tourist visas to the UAE can be issued for 30 days or 90 days duration, single entry, or multiple entries.
It’s also important to note the fact that not too long ago, the UAE facilitated a five-year visa which is enabling tourists to enter multiple times on self-sponsorship. It’s also important to note that they can remain in the country for 90 days on each visit, which can be extended for another 90 days.
Regarding the issue of who can apply for your tourist visa, the answer to this one is also complex.
You can get a visa through airlines.
It’s important to mention the fact that each and every airline has some conditions. These terms have to be met in order for your Visa to be arranged by them. One of these requirements is obviously to fly with them. For more updated and specific information, check the following UAE-based airlines for visa types, facilities, terms, and conditions.
There are also tourist visas via agencies and hotels as well. The licensed travel agents and hotels in the UAE are able to arrange a tourist Visa for you if you get a ticket via them and maintain a hotel reservation with the specific hotel. People can also contact travel agencies in their own country for any tourist packages that are available to the UAE in collab with a local tour operator.
The official website also notes the fact that it is important to verify the authenticity of travel agents that you are dealing with and refrain from paying or sending copies of the official documents until you are 100% sure that the tour operator is a genuine one.
The official website dropped a note which is extremely important: “The UAE embassies do not issue tourist visas. In order to get a tourist visa to the UAE, you need to get in touch with one of the UAE-based airlines, a tour agency or a hotel (where you intend to stay) in the UAE who will apply for Visa on your behalf to the official visa-issuing authorities in the UAE.”
Top financial reasons to move to UAE
Dubai is a crypto city
Dubai is the largest city in the UAE, and it managed to emerge as a tax-free crossroads between worlds. This city managed to embrace the position as an international location that is reflecting the reality of the world – progress, and controversy altogether.
As Cointelegraph notes, Dubai is now at the center of all kinds of global tensions, but the UAE has managed to gain a reputation as a neutral player.
Just keep in mind the fact that Iraq, Iran, Pakistan, and Afghanistan are on the northern side of the Gulf. You can find Yemen to the South.
It’s essential to highlight that the great mix of relative geopolitical neutrality, technologically advanced military, and warm and highly welcoming business environment invites comparisons to Switzerland.
Comparisons to reps of crypto culture
Dubai has been compared to Silicon Valley for a really long time now. The truth is that the location is definitely more traditional, that’s for sure.
Kirill Mishanin, the co-founder of Infodriver Capital, says Dubai is an attractive place to set up a business:
“Dubai is very crypto-friendly and blockchain-oriented — you can easily set up a crypto-related company in the DMCC Free Zone with zero taxes. There are also a lot of events which the government supports, and it is easy to buy cars or property with crypto.”
Free zones in UAE – these are also important to mention because the UAE is operating various free zones. These are places where noncitizens and nonresidents can incorporate wholly-owned firms in order to receive visas and trade licenses as well.
The financial infrastructure is futuristic
It’s important to mention the fact that there are no taxes involved for corporations in Dubai, and the personal tax here for the residents is 0% on all income and in all forms.
Another essential issue worth noting is the fact that this is regardless of whether the money is earned in Dubai or somewhere else.
Dubai World Trade Centre to become a comprehensive zone and regulator for virtual assets and crypto including digital assets, products, operators and exchanges https://t.co/tSzONymOvihttps://t.co/l2jYliywGG
Back in December, a trader was praising all initiatives that Dubai has but said the following on Twitter, as a response to the tweet above:
“It is so exciting to see Dubai at the forefront of embracing innovation. The only thing missing is for the Government to instruct the banks to facilitate transfers to and from exchanges. Right now, banks don’t support crypto payments and receipts. I am a day trader in crypto and sadly, the banks here are the biggest challenge for traders like myself. I am more than willing to fulfill any KYC requirements.”
Removing crypto risks
UAE’s plans for a government-issued digital asset could remove associated crypto risks, according to new reports.
Unregulated cryptos are already popular in the UAE, and it’s essential to keep in mind that a government-issued coin could reduce the risks that are associated with crypto.
Lots of crypto fans say that digital assets and regulation don’t work well, but the truth is that regulation can bring in more important players with deep pockets.
Only then the mass adoption of digital assets and their underlying tech can be achieved.
Digital assets are seeing massive adoption in 2022. This is happening despite the huge market volatility and the fact that our world is sinking in one crisis after another.
On the other hand, the truth is that Bitcoin and crypto, in general, have been enjoying increased popularity, especially amidst tormented times. Let’s go back to 2020 when the coronavirus pandemic hit the world.
Normality as we used to know it seems to have ended back then and life became governed by fear and uncertainty. The lockdown measures and the disease have made life a living hell, but crypto managed to resist through it all.
Bitcoin dropped in price really quickly when the pandemic hit, dropping below $4k, but then the FOMO kicked in, and everyone started buying the king coin like crazy.
For more than two years, the king coin and other digital assets managed to show their resilience and strength, and their price continued to surge.
Bitcoin was able to show the whole world that it is not correlated with the traditional markets, and it’s a great safe haven, not to mention a hedge against inflation. Inflation continues to rise, and people are searching desperately for viable investments for 2022 in order to preserve their wealth.
The rising inflation in 2022
Inflation keeps rising, and this is getting worse in 2022 amidst the times of war that we’re living in. As you probably know by now, the tensions between Russia and Ukraine are only getting stronger, and this is affecting the whole world economy.
America’s inflation is also surging, and it’s inflicting a lot of pain on household budgets all over the country. On the other hand, it’s also important to note that not everyone is affected in the same way, according to an interesting article shared by CNN. The economic data shows the general trend of prices, but it does not tell the story of individual groups.
This is what the Federal Reserve Governor Lael Brainard said.
“Today, inflation is very high, particularly for food and gasoline. All Americans are confronting higher prices, but the burden is particularly great for households with more limited resources,” Brainard continued and stated at the Minneapolis Fed’s Spring 2022 Institute Research Conference.
According to official data, it seems that lower-income households are spending 77% of their income on necessities. This is compared to only 31%, which is spent on necessities by the higher-income households.
More than that, it’s important to note that lower-income households have much smaller financial cushions. Also, they may not have the ability to switch to lower-priced alternatives that easily.
“Inflation disparities between the rich and the poor grow during bad times,” said David Argente, assistant professor of economics at Penn State University. He spoke during the panel that followed Brainard’s remarks.
President Biden and Fed Chairman Jerome Powell said that even if the wages have been on the rise. This will happen especially in lower-paying jobs in the leisure, hospitality, and retail industries. Also, the price hikes have to be brought under control.
Economists and financial experts as well are worried that if the prices continue to surge for much too long, the consumers will start putting off or delaying their purchases. All this could result in eating into the nation’s economic growth.
As a result, the Fed has already started raising the interest rates, and they seem to be committed to continuing doing it, according to Brainard. She also made it very clear that the central bank’s balance sheet will go down quicker compared to the previous policy-tightening cycles.
Anyway, as a conclusion, this massive surge of inflation has a result that digital assets enthusiasts love – the mainstream adoption of crypto is intensifying on a daily basis.
The rising inflation leads to crypto adoption
The rising inflation in 2022 is definitely leading the path towards crypto adoption on a larger scale.
MicroStrategy’s Michael Saylor also talked about the issue and made sure to point out the fact that the rising inflation is great for crypto adoption. This is important because it’s been the goal of the crypto space for a really long time; it’s probably the most important goal that the crypto industry has, and a lot of things have supported this target so far.
Saylor believes that an increase in inflation will be weakening the global currencies a lot, and this will lead to the adoption of crypto more and more.
The surge in food and oil prices will impact the economy and public debt, and the governments are adopting tax breaks. Bitcoin evangelist Michael Saylor recommended the king coin as an inflation hedge and store of value to investors, financial institutions, and economists as well.
Saylor tweeted not too long ago that this surge in prices all over the world is triggering mass crypto adoption.
The surge in food & fuel prices is going to further weaken global currencies and encourage the imposition of capital controls, price controls, & export controls, favoring a strategy based on digital products, digital services, & digital assets. #Bitcoinhttps://t.co/9QYb4DwqBV
Saylor is citing a Wall Street Journal article that addresses the ways in which the rising inflation is weakening the global currencies and the surging public debt. He believes that the governments’ control of the capital, price, and export will basically be the catalysts that will trigger more adoption of digital services, products, and assets.
This surge in prices for oil and food has triggered protests all over the world. Governments have been forced to continue their subsidies, and this resulted in increased spending by governments. All this naturally led to a surge in the public debt.
There are still some countries that can manage the rising inflation up to a limit by boosting the interest rates and inducing a monetary easing. On the other hand, it’s imperative to mention the fact that poorer nations and the countries that are debt-ridden have now been faced with significant challenges amidst this rising inflation.
An essential shift towards digital assets’ adoption
There are a lot of countries, including Ukraine, El Salvador, and South Korea, which have already started to make massive moves towards the push for crypto adoption after they’ve been faced with rising inflation and increasing public debt.
More important business leaders, including MicroStrategy’s Michael Saylor, Mike Novogratz, Elon Musk, and others, have already advised governments and investors about the massive benefits of crypto, including Bitcoin, of course.
Also, it’s essential to mention the fact that important financial institutions such as BlackRock, JPMorgan, and Morgan Stanley are looking to invest in crypto as the interest in digital assets has been growing among their clients.
Meanwhile, the IMF warned about the growing crypto adoption and the decreasing US dollar dominance. All this is a result of the Russia-Ukraine war.
People are turning towards crypto heavens, like the UAE
Thanks to the vast openness to trade and the extremely low taxes, the United Arab Emirates is flaunting the 10th freest economy in the whole world, according to the Index of Economic Freedom. The governments in the UAE are currently and openly encouraging foreign investments. More than that, cities such as Dubai have managed to become popular for their massive entrepreneurial spirit.
Dubai managed to become, over the years a genuine crypto heaven for enthusiasts. There are various reasons for which this has been happening, and people are moving there.
UAE became in a really short period of time one of the most luxurious and desired places on the planet. One of the reasons for which this is happening is the fact that it’s extremely open to supporting crypto and its underlying technology, the blockchain.
All this led to the fact that for people who dream of buying a property there, crypto is the safest bet, and the UAE is supporting this. As a result, a lot of investors have moved there, and they’re enjoying secure transactions.
Buying real estate properties in the UAE with crypto is a great choice, and this is thanks to its cost-effectiveness and the ability for people to save time and energy that the processes involving money transactions usually require.
On the blockchain, after the payment is approved, the transfer is almost instantaneous, and there are no delays involved. Many specialized platforms such as Crypto Expat are dealing with supporting customers to buy properties in the UAE. Especially for international buyers, such a move will turn out very cost-0effective.
This is crucial in 2022, when the whole world is faced with a lot of financial issues due to the many crises that have been taking place on the planet for more than two years now.
Using crypto costs significantly less on international transfers compared to the traditional one. As you probably know by now, the banks are charging massive fees.
On the other hand, when you are using crypto, you will not have to deal with such hardships which involve extra charges. Digital assets are making instant transactions possible, and all this is happening at extremely low fees.
Experts conclude that Dubai, the wealthy city in the UAE, is one of the best places to be if you are a crypto enthusiast who is looking to live on digital assets.
“With no capital gains tax, ease of buying and selling (crypto) anonymously and spending with cash makes life very easy for an enthusiast (in Dubai).” This is what a source who spoke to the online publication BeInCrypto said.
“Compared to most industrialized countries, I would say that Dubai is one of the easiest and best places to come and realize and spend crypto gains. Being able to buy property and cars directly for Bitcoin is very unique and in many western countries not even possible,” they added.
The most important Dubai crypto events to look forward to in 2022
There are at least two notable events in Dubai for crypto enthusiasts, and they will both be taking place in October. Check out the two important crypto events that will make crypto enthusiasts’ fall great.
Blockchain Economy Expo 2022 Dubai
According to the official notes, the organizers of this event are proud to announce it – this is taking place for the very first time in the World Expo history. The event is hosted between October 1 and October 2.
“It is a great honor for us to be trusted to bring together the blockchain community in the city of Dubai, the high-tech capital of MENA, as part of the Expo 2020 Dubai in Dubai Exhibition Centre on November 14-15, 2021,” the organizers said.
It’s also worth noting the fact that the WORLD EXPO has been held for 170 years, and for the very first time, blockchain technology will be introduced to the world. The important thing is that this will be happening at the same level for countries, international organizers, and traditional businesses, according to the organizers of the event.
They also highlighted the fact that this is a genuine once-in-a-lifetime opportunity for everyone, for all crypto enthusiasts to come together and redefine the financial and technological world of the future. The truth is that traditional finance is definitely getting outdated from more points of view, and crypto, together with blockchain, represents the future.
The organizers also wanted to note the fact that Expo 2020 Dubai was planned to start in October 2020. But, as you might have already guessed, because of the covid-19 pandemic, it was delayed till the October of 2021. Now, finally, people who are into crypto and the blockchain have an opportunity to attend a blockchain event physically.
Future Blockchain Summit 2022
This is the second notable crypto event that will be taking place in October as well. This one is scheduled between October 10 and October 13.
According to official notes, the world’s leading and largest government-hosted Blockchain festival, Future Blockchain Summit, is back for a third edition hosted by Smart Dubai at Dubai World Trade Centre.
The organizers say that “the city of Dubai is mandated to have all government transactions on the blockchain and will be the world’s blockchain capital.”
Future Blockchain Summit is the official Blockchain event of Smart Dubai. This is the driving force behind the UAE’s Blockchain Strategy, and it is also poised to bring together global enterprises, blockchain startups, and government entities at the Summit. All this will be happening to boost crypto and blockchain adoption and to make this dream a reality.
According to the official website, during four days at the Summit, a lot of industry experts will be leveraging a lot of networking opportunities, an expert conference program, and also transformational workshops. All these will be exploring various themes, including “Blockchain for Enterprise, The Future of Digital Assets and Into the Metaverse.”
The official website of the event also cites an important speaker at the event from 2021, Changpeng Zhao, Binance’s CEO, and Founder:
“UAE a shining example of tech adoption. Things happen here very fast, it is one of the most pro business environments in the world, and things are built with real quality.”
Another important person who spoke back then, Robert Gryn, CEO at Metahero said: “Energized is the best way to describe what happened today at the Future Blockchain Summit – Metahero once again stealing the show. Between featured panels, numerous on-site interviews, and more conversations than we can count – we provided the Metahero experience to everyone, and it’s a powerful experience.”
Another notable event took place in March in Dubai
Back in March, another notable event took place in Dubai. It’s more than clear that there is a growing interest in digital assets in Dubai. People are curious about crypto, and they are looking for more varied investment opportunities. This is exactly what the motto of this specific event we are talking about.
Crypto enthusiasts were thrilled to learn that the Dubai-based organizer HQMENA announced the second edition of the largest crypto gathering.
Crypto Expo Dubai 2022 was an exquisite premier crypto exhibition and conference that brought together more than 100 crypto companies.
The event gathered a wide network of blockchain and crypto professionals from different exchanges, payment, and liquidity solution providers, ICO, NFT, and play to earn projects, metaverse, and extremely important industry executives and experts.
Crypto Expo Dubai 2022 kicked off on March 16, 2022 with industry leaders delivering their cognizance. Featured exhibitors showed off their products and services to the visitors at Crypto Expo Dubai 2022. The event took place at Festival Arena.
Leading Crypto Expo in MENA Region had high profile speakers listed as the following: Igneus Terrenus from Bybit, Lennix Lai from OKX, Wayne from Binance, Jeetu Kataria from DIFX, Allen Wei from LBank, Mohammad Khalifa from Garantex, Anndy Lian from BigONEexchange (Kishu Inu). All these important people delivered their thoughts, forecasts, and knowledge on the future trend of cryptocurrency.
It’s pretty safe to say that Dubai is indeed becoming a crypto hub and a blockchain first stop for enthusiasts.
Cryptocurrencies are delivering the most important influence on the financial ecosystem, and there is no doubt about this anymore.
Crypto Expo Dubai 2022 was an event of innovative discussion and networking that supported the rise of institutional interest in crypto and the blockchain. It was also focused on the growth of crypto-focused venture capital.
UAE is a global hub for innovation and the digital world
It’s important to note the fact that the UAE is already recognized all over the world as a global hub for crypto.
The Emirate’s adoption of blockchain, FinTech, and crypto technologies keeps developing in Dubai, and, at the same time, it is implementing frameworks in order for it to become more attractive for companies in these sectors.
Dubai is set to be the world’s new crypto capital
More relevant publications are already naming Dubai as an important crypto location. For instance, News 18 just named the location as being on the right path to becoming the next crypto capital. The article noted that Bybit, which is a crypto exchange based in Singapore, revealed recently that it would relocate its headquarters to Dubai. This month, it will begin operations there.
There is another important announcement that has been made by Crypto.com – this is a Singapore-based crypto exchange that stated the fact that it will create a regional hub in Dubai. They also noted that they would begin an important recruitment drive in the upcoming months. The exchange also said that they have a customer base of more than 10 million people from over 90 countries already.
Forbes also addressed the issue and revealed important quotes.
“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai.”
This is what Ben Zhou, co-founder, and CEO of Bybit recently stated. He continued and said this: “This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates and the wider region’s ambition to become a global virtual assets technology hub.”
They also mentioned the fact that Crypto.com plans to become a massive presence in the crypto space in Dubai.
It’s extremely important to note the fact that both platforms are two of the leading platforms in the crypto space.
If you are wondering how come these two platforms decided to move to Dubai, well, the main trigger that led to the move is the new regulation which is part of the UAE’s drive to become a global crypto hub.
Forbes also mentioned the fact that Binance just won a license in mid-March to operate its regional business from Dubai. It’s also been revealed that the European affiliate of crypto trading platform FTX has announced that its regional office will be there as well.
Starting a new life in Dubai is a viable choice in 2022
A lot of people have been giving it a thought about whether to start a new life elsewhere and get second citizenship or residence. As we already explained, Dubai has become one of the favorite locations that crypto enthusiasts are choosing these days, and the reasons are many.
After two years of nightmare pandemic, new tensions are flooding the world, and this time, they are stemming from the Russia-Ukraine war. No wonder people are thinking about relocating, especially from the problematic areas.
The question of whether you should be considering moving to Dubai has the answer yes coming from a lot of people these days. There are a lot of reasons for which people choose this.
According to official reports, it’s been revealed that the UAE government has launched a new initiative that allows foreigners over the age of 55 to settle within the country.
The same notes reveal that residents under this Visa will have to obtain their own health insurance policy. It is also important to note that they will have to meet at least one of the following financial criteria:
“Earn a minimum monthly income of AED 15,000
Hold a minimum of AED 1 million in cash savings in a UAE bank account in a three-year fixed deposit
Own a property worth at least AED 1 million within the UAE.”
As a conclusion, “this new visa will allow retirees to live in the country for five years, which will automatically be extended.”
Get a visa easy in Dubai and use crypto to purchase a property there
Probably contrary to your expectations, getting a Visa for moving to Dubai is not as difficult as it may seem in 2022. There are specialized companies such as Crypto Expat, which are eager to help their clients move there and, who knows, maybe even start a business and enjoy all the benefits of developing it in the UAE.
The UAE has to offer enormous and growing business stability, huge markets, steady growth, a tax-free regime, and all kinds of investor-friendly processes.
It’s great to know that all kinds of innovative business models can be created in the UAE. As we already explained, the fact that the location is crypto-friendly is vital, and this is the safest option that people have here for making payments and doing business.
More and more people choose to spend their wealth in Dubai, and a lot of individuals see the many reasons for which real estate is a great choice. Speaking of crypto, digital assets allow the buying of any property in the UAE safely, easily, and quickly.
This has been one of the main reasons along with the tax-free regime in Dubai that led people to decide on moving here.
Conclusion
Traditional finance has become flawed over time. Transactions between banks take days; it also turned out that we are not even the owners of the fiat money that we have stored at the bank; the government can freeze our bank accounts any time they see fit and more.
This is where crypto enters the building. Using crypto has turned out fantastic for a lot of people, and the benefits of crypto and the blockchain are the ones triggering the mass adoption of digital assets.
This has been probably the most important goal that was set in stone by the crypto space, and the resilience and strength that the digital assets have proved only come to support the mass crypto and blockchain adoption. Crypto and the blockchain reflect the future, and important companies and enterprises are already understating this. Do you?
Crypto popularity is on the rise, and this is happening at a really fast pace. In 2022, people have eventually understood the massive importance of financial freedom, and this is the main reason for which digital assets are gaining so much popularity.
After people saw that the governments have the ability to freeze people’s bank accounts at their convenience, this led to more adoption of crypto. People who use fiat currencies and keep their money in banks are not actually the keepers of their own wealth, and this is beyond disturbing. This does not happen with crypto, and it’s probably the main reason for which mass adoption of digital assets has been racing in times of crisis.
In 2020 when the pandemic started and all hell broke loose all over the world, crypto saw a massive adoption boost, and this continued during the two years of nightmare triggered by the pandemic and the drastic measures that have been taken due to this across the globe cryptos turned out to be a solid and resilient safe haven and a hedge against inflation.
Bitcoin’s popularity is also surrounded by massive controversies, but this does not change the following: more and more merchants and venues are willing to accept crypto for payments. As Investopedia notes, there are a few countries in the world where crypto adoption is rising straight to the moon. Check out which they are below.
Best ten cities where Bitcoin and crypto adoption thrives
The mainstream adoption of digital assets has been one of the most important goals that the crypto industry had. There are so many uplifting things that have already happened in the crypto space that have boosted the mass crypto adoption to the moon, and they continue on the most successful path these days as well.
While Europe seems to be doing its best to gain control over the digital asset investors, not quite the whole world is doing the same. Below, you can see ten of the most important cities out there that have understood the crucial role that digital assets have for our financial freedom and in which crypto adoption thrives.
San Francisco
The tech capital of the US is home to crypto trading platforms Kraken and Coinbase, and this probably means a lot. Over 100 merchants are accepting BTC, and these include restaurants and stores, hotels, and more. There are over 430 BTC ATMs in the Bay Area, and these include 65 in the city itself.
Amsterdam
Here, we have the mining hardware maker Bitfury and the European headquarters of payment service provider BitPay. Coinmap is identifying more than 40 places where you can spend your BTC, including bike repair shops, barbers, and coffee shops, among others.
The city’s 840,000 residents have about half a dozen bitcoin ATMs available to them. Merchants in Utrecht, Rotterdam, and The Hague also accept crypto.
Vancouver
Vancouver is another city in which the mass adoption of Bitcoin and crypto is flourishing. Here in Canada, Bitcoin has a really strong community, and the nation has taken a lot of regulatory steps to embrace the digital asset. It’s also important to know the fact that Vancouver is home to QuadrigaCX, the defunct crypto exchange that lost $180 million in client funds. This happened after the alleged death of its founder.
According to the details revealed by Investopedia, there are over 50 merchants who accept BTC in Vancouver or around the nearby suburbs and 221 locations to buy the digital asset. In fact, the world’s first bitcoin ATM began operations at Waves Coffee House on October 29, 2013, in downtown Vancouver.
Ljubljana, Slovenia
Ljubljana is a city in Slovenia where crypto is also thriving, believe it or not. In the capital of Slovenia, the massive Bitcoin exchange Bitstamp was founded by the Slovenians before they set up operations in London and Luxembourg. There are also BTC ATMs in the city and the surrounding areas.
More than 200 merchants said that they are accepting crypto.
Tel Aviv
This is the financial center of Israel, and it’s also one of the world’s leading cities for startups. It has 19 merchants that accept BTC, and there are 7 BTC ATMs in a population of more than 541,000. One other issue that is interesting to note is the fact that the Israel Bitcoin Meetup Group in Tel Aviv is among the most active in the world, with more than 4,000 members.
Miami, Florida
This is a major metropolis, and it has more than 12 merchants who claim that they accept Bitcoin. There are more than 650 ATMs for Bitcoin, and the city is also home to the Miami Bitcoin Conference. Just in case you did not know, this is one of the oldest and largest conventions of the cryptocurrency industry. The city’s government has a lot of plans involving crypto, and one of these includes getting more and more ways to attract blockchain businesses to their city. A lot of things have been made in this direction, and Mayor Francis Suarez has proposed investing city funds in bitcoin and even launching a municipal cryptocurrency.
El Zonte, El Salvador
El Salvador is a country that has been featured in the headlines a lot in 2021. The country is one of the biggest Bitcoin and crypto supporters out there. It recently declared Bitcoin as legal tender, and this boosted the mass crypto adoption to the moon. Crypto enthusiasts are certain that more and more nations will be doing the same soon.
Anyway, El Zonte is seeking to rebrand itself as Bitcoin Beach these days. This is the world’s first BTC-centered economy, and it comes following a massive crypto donation to the municipal government.
The town got its very first BTC ATM back in 2020. It’s important to note the fact that one of 1500 of the ATMs was installed around the country as El Salvador moved to adopt the cryptocurrency as legal tender.
This means that Bitcoin can now be used to pay taxes, and foreign investors will not be subject to capital gains taxes. It’s also worth noting the fact that the national government has also worked with entrepreneurs to introduce a simplified bitcoin wallet for low-fee transactions.
London
London flaunts 8.9 million residents, and there are 50 BTC ATMs here. About the same number of merchants are now accepting BTC for payments. There are important startups that are built in the country, which include Coinfloor. This claims to be the oldest BTC exchange in the UK. There are also a lot of BTC and crypto meetup groups in London as well.
New York City
This is a financial tech hub that hosts 8.4 million people. They can spend their Bitcoin at about three dozen merchants who are in the metro area. These include the Bitcoin Store in lower Manhattan and CryptoART in Morningside Heights. New York is also an extremely important hub for crypto startups and media companies, such as CoinDesk, Decrypt, and CoinTelegraph, as well as home to Consensus, one of the largest annual events in the crypto industry.
Dubai, UAE
Dubai is basically the crypto heaven for Bitcoin enthusiasts. There are so many reasons for this, and we’ll explore the most important ones below.
Thanks to its openness to trade and low taxes, the United Arab Emirates has the 10th-freest economy in the world, according to the Index of Economic Freedom.
Governments in the UAE openly encourage foreign investment, and cities like Dubai are well known for their entrepreneurial spirit.
UAE is one of the most luxurious and desired places on earth to be at the moment. There are a lot of reasons for which you will want to spend your wealth here.
Also, if your dream is to buy a property in the UAE, crypto is definitely the safest option for purchasing and making payments. There are many reasons why real estate investors opt for it these days to keep the transaction process secure.
Purchasing real estate properties in the UAE using crypto is a fantastic choice thanks to its cost-effectiveness and saving extra energy and time that the process usually requires. Acquiring possessions and settlements of the properties is a challenging process otherwise.
But on the blockchain, after the payment is approved, there will be an instant transfer of the property, and you will be the sole owner. No delays are at stake and there are a lot of specialized platforms out there these days that are making sure of all this.
Interested clients can focus on the purchases that they want to make, while specialized entities are taking care of the rest.
Using crypto to buy a property in the UAE, especially if you are an international buyer, will be highly cost-effective. This is extremely important especially in 2022 when the world is seeing so many financial issues amidst various world crises.
Using crypto costs less on international transfers and payments than traditional ones. Usually, banks charge hefty fees, but when you use crypto, you will not have to bother about such aspects involving extra charges. Cryptos make instant transactions possible at low prices.
Dubai is a crypto haven for enthusiasts – main reasons
Experts conclude that Dubai, the wealthy city in the UAE, is one of the best places to be if you are a crypto enthusiast who is looking to live on digital assets.
“With no capital gains tax, ease of buying and selling (crypto) anonymously and spending with cash makes life very easy for an enthusiast (in Dubai),” said a source who spoke to BeInCrypto on the condition that they would not be named.
“Compared to most industrialized countries, I would say that Dubai is one of the easiest and best places to come and realize and spend crypto gains. Being able to buy property and cars directly for bitcoin is very unique and in many western countries not even possible,” they added.
Dubai is a growing crypto hub
Dubai and UAE, in general, are attractive crypto destinations, and this is mainly due to the ease of converting Bitcoin and most cryptos into cash with low fees while remaining almost anonymous.
This is vital these days when most authorities are trying their best to kill privacy and anonymity. Just look at what’s been happening in Europe.
The countries that are included in the European Union are seeing some important changes these days.
The whole crypto space has been shaken by the decision that the EU Parliament took a few days ago. The members of the EU voted for new regulatory measures which turn out to prohibit anonymous crypto transactions.
Decrypt online magazine notes that the vote was first reported by CoinDesk, and soon after confirmed to Decrypt by Valeria Cusseddu, advisor to the Committee on Economic and Monetary Affairs.
“The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets,” according to the same online publication mentioned above.
It’s also important to note the fact that the votes on a few amendments were tight, but still, the final draft was overwhelmingly approved.
Europe is seeing some changes that will definitely affect the crypto space a lot, and investors are not happy – this is one of the reasons why the UAE is an excellent destination for crypto enthusiasts these days.
Trading crypto in Dubai
Exchanges generally require a basic know-your-customer (KYC) identity and “nothing more.”
In the case of Cointral, which is a Turkish-owned exchange with an OTC desk in the Emirate, “you just walk in and trade on the spot,” a source told BeInCrypto during an interview.
The crypto exchange mentioned above charges a general fee of 3%. even though this might seem a bit much, “there are also many local dealers you can find to make low to high volume peer-to-peer (P2P) trades with fees around 1%.”
UAE-based online exchange Bitoasis offers similar OTC services, according to the same source who spoke to the publication. This allows “people to buy and sell with local bank transfers.”
It’s really important to note the fact that crypto use in Dubai is so fluid that the central government has adopted deliberate strategies to advance mainstream usage.
No questions and no tax on income and capital
It’s also important to mention the fact that back in February, there was a government-owned entity in Dubai named Kiklabb, that began accepting BTC, ETH, and USDT as payments for its services.
Just in case you did not know, Kiklabb is a free trade zone that helps companies to set up shops in the Emirate. It also issues trading and more licenses. It also deals with visa processing. There are more and more companies that are taking care of Visas these days, as we already noted in our previous articles as well.
One important name among them is Crypto Expat – they understand the importance of getting a Visa quickly for those interested.
According to the official website, Crypto Expat can help prepare a Visa for all individuals who want or plan to retire to the UAE. This way, people can get the chance to build their company easily and enjoy all the benefits of developing it in the UAE.
The entity called Kiklabb also leases office space to its customers on board the Queen Elizabeth 2 cruise liner anchored at Port Rashid in Dubai. The amazing thing is that the payments for this and other services can be made in Bitcoin.
Crypto adoption obviously flourishes in Dubai, as you can see.
Tasawar Ulhaq, who is the chief executive officer of Kiklabb, said that crypto-based payments offer boosted accessibility for global entrepreneurs who are looking to start a business in the UAE. “Cryptocurrencies are the payment method of the future,” he stated.
Dubai is definitely a pro-crypto location that allows investors to buy, sell, or hold digital assets at zero taxes.
This seems absolutely outrageous to most of the world’s governments.
Most of them are pushing new legislation to levy taxes on capital gains from BTC. UAE has the goal of allowing more investments in the local crypto industry.
The same source said the following: “Dubai and UAE don’t have any tax on income or capital rendering the anti-money laundering laws very relaxed.”
They continued and revealed that crypto “are neither illegal nor recognized as legal tender in the UAE.”
It seems that banks could sometimes question the source of funds when conducting transfers, “but generally, it’s no questions asked up to very high volume.”
According to reports, the UAE is planning to use blockchain technology for 50% of government transactions this year. The Dubai Future Foundation estimates that the country could save more than $3 billion through blockchain and crypto use.
A lot of investors have been making great gains via crypto, and lots of them are looking to cash out. Dubai is offering great opportunities in this direction. Check out the most popular questions about crypto, finances, and Dubai below.
Getting residence in Dubai and eliminating crypto taxes – FAQ
How are personal gains treated in Dubai?
At the moment, Dubai has 0% personal income taxes. This means that if you are a resident here, regardless of the gains that you are making, there is no personal income tax.
Regardless of the fact if you are actively trading or only hodling, there are zero taxes on capital gains, and this applies to salary and business income as well. The gross income figure is the same as your net figure. Other tax authorities are treating gains from cryptos with capital gains tax, but you will not see this happening in Dubai.
This is obviously one of the main reasons why wealthy people are setting their eyes on this location.
How can people benefit from low BTC taxes?
Tax laws focus on facts, and this is extremely important to understand. Most of the personal taxes are levied based on the residency state of the person who is taxed. It’s also important to note that the Tax Authority of the country you are currently living in at the moment, probably has the right to tax your income based on the local tax laws.
Each country has its own laws to determine tax residency. They will be analyzing issues and elements such as the following: the number of days you spend there, whether you are the owner of a house there, or if you have economic or social ties. In case you want to benefit from low Dubai crypto taxes, all that you will have to do is migrate from the current location there.
What is the moving tax residency?
By factually migrating to Dubai, you can change your tax residency. The only real question that you have to ask yourself is the following: what do you need to do in order to no longer be a tax resident according to your current country’s rules? There are some cases in which there could be an exit tax.
What are the best financial advantages to moving to Dubai?
Dubai has a great tax system for crypto enthusiasts, and people will definitely love it. The system of zero corporation tax and zero income tax, no capital control restrictions – these are only some of the perks that you will enjoy in Dubai. It’s also important to note the fact that you can send and receive as much as you please.
Dubai has a well-established regulatory framework for digital assets.
We can easily say that Dubai is the only country for crypto investors that is easy to move to with legal certainty, no income taxes, and no reporting requirements.
How can you become a tax resident in Dubai?
Each and every country has its own requirements for people to become residents there. This could turn out to be an investment in real estate, getting a job, or starting a business as well. The best way for an investor to become a resident in Dubai is to register their company in one of the Free Zones. Companies that are situated in these locations can rent office space in the UAE. Based on this office space that the company is entitled to, apply for residency visas for you, your family, and employees as well.
These things will give you the right to stay in the UAE. More than that, there are also various affordable flexi solutions that are called flexi-desks.
The bottom line is that after you have moved to Dubai, you become subjected to Dubai tax and reporting requirements on your personal holdings.
How can this apply to crypto investors?
First of all, you have to begin by setting up a free zone entity with the correct trade activity. There are a lot of activities possible, and all you have to do is dig a little for some research. You will have to set up a company in order to obtain residency. You will be the shareholder and manager of the company, and after it’s established, you will be able to apply for a residency visa.
As we noted above, platforms such as Crypto Expat make sure that interested clients get the best out of their experience in Dubai – one of the best locations to enjoy your digital assets, even for purchasing properties.
There is zero corporation and income tax in the UAE, and there are no reporting requirements of your personal investments in crypto to any authority in the UAE.
The only catch is that you have to renew the company every year and pay the appropriate licensing fee. You have to maintain any obligations regarding the visa.
Closing words
Bitcoin’s first block was mined back in 2009, and since then, the king crypto has been able to see substantial improvements. The impressive rate of digital asset adoption suggests the fact that crypto is here to stay. It’s also not a surprising fact that international financial centers have embraced Bitcoin. More nations understand the importance of getting on board the crypto wagon these days and things will definitely get spicier with each passing day.
Tesla CEO Elon Musk had an important message for governments all over the world at the end of last year. As you probably know by now, Musk has been a massive crypto supporter for a while now, and he has been using Twitter even to manipulate the crypto market. He was usually criticized for such kinds of moves.
The mogul who just became the most significant Twitter shareholder said that while the advancement of digital assets can be slowed down, crypto cannot be destroyed now.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government. They don’t like that,” news portal decrypt.co quoted Musk as saying on September 29.
He reportedly continued and revealed the following:
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
Anyway, as a conclusion, in 2022, you definitely need digital assets. Besides the fact that crypto is a great investment, one of the best that you can make these days, Bitcoin turned out to be an important safe haven and a hedge against inflation.
Bitcoin started out as a bold project, but at its beginnings, it was seen as extremely volatile. Times have changed, and so did crypto and the digital assets will continue to evolve.
Financial security is imperative in 2022, and people have probably figured this out by now. Traditional finance is getting riskier by the day, and we have plenty of examples to support this statement. Just take, what’s been going on in Russia as an example. You should be aware of what’s going on there following the latest sanctions that the country saw after their President’s actions against Ukraine.
As the press agency Reuters recently revealed, crypto companies in the United Arab Emirates are being flooded with tons of requests from Russian people who are trying their best to liquidate billions of dollars of digital assets. They are currently seeking a safe haven for their fortunes, according to many financial sources.
At the moment, due to the sanctions, they cannot use their credit and debit cards emitted by Visa and Mastercard by Russian banks. What’s terrible is the fact that they cannot use them anywhere in the world. It’s safe to say the fact that this is the main reason for which they turned to crypto following the sanctions that Russia saw.
Why traditional finance is not safe – crypto is the answer
Coindesk, which is a crucial crypto publication, notes that the crypto firms based in the UAE have been seeing tons of requests by Russian clients to liquidate billions of dollars worth of digital assets.
More than that, also think about Canada, and the fate of the Truckers Convoy – their bank accounts were frozen as well, and this happened due to the fact that they protested against their government. What does this tell us? In terms of fiat money and traditional banking systems, we are not exactly the owners of our wealth, and it is more than serious in 2022.
But luckily, after the capital’s streets had been all cleared of the trucks following three weeks of protests, the Canadian authorities eventually lifted the freezes of hundreds of bank accounts that were associated with the protest organizers and the Canadians who had blocked Ottawa’s streets.
Isabelle Jacques, an assistant deputy minister in Canada’s department of finance, told a House of Commons committee that the banks had begun unlocking accounts not too long ago and that no more finances would be locked up.
“The vast majority of assets are in the process of being unfrozen,” she said.
Just to refresh your memory, when Prime Minister Justin Trudeau decided to invoke his country’s Emergencies Act for the first time in Canadian history to quell the unrest, it gave the police sweeping new powers to go after the finances of the protesters. People all over the world freaked out at this idea – the fact that someone can gain control over your finances due to your political preferences.
Jacques said that those measures are now being lifted because they were intended to pressure protesters to leave the city’s streets, according to reports coming from New York Times.
Crypto prevents this from happening, and what had been going on in Canada has been basically advertising the benefits of crypto.
After two years in which we suffered enough amidst worldwide lockdowns due to the pandemic, not being able to use your own money during such stressful times can be a nightmare. More and more people understand that having your money kept in banks takes away the control that you have over your own wealth, and this is the last thing someone would want, especially during the troubled times in which we live.
This is where crypto steps in and boosts the game. Crypto and their underlying tech are exactly what’s missing from our financial needs in 2022 – freedom and ownership over our own wealth.
Do we need crypto?
Long story short, the answer is yes, you definitely need crypto in 2022. Besides the fact that digital assets are one of the best investments that you can make this year, Bitcoin and crypto in general turned out to be a store safe haven as well.
Crypto started as a bold project, but it was seen as extremely and highly volatile. Thankfully, times have changed, and so did crypto. These changes that we are referring to have been exciting and fascinating.
As the publication Morning Star notes, with the advent of crypto ETFs in Canada, retail wealth managers are still trying to find a reason for which crypto should be a part of client portfolios.
“When we look at traditional assets, we’re looking at long-term trends to produce alpha. For example, when building a portfolio of stocks, you’d be looking at factors such as price, profitability, and market cap. These principles don’t apply when looking at crypto for various reasons, and therefore it isn’t easy to compare,” – this is what Adam Henry, investment associate and resident crypto expert for Harbourfront Wealth Management in Winnipeg, said.
Given the lack of information, “the best way we approach this question is to look at where the client is from a time horizon perspective to retirement.”
Henry also made sure to point out the fact that a specific allocation could be the right thing to do if the investor is in an accumulation phase. This is recommended only as a speculative bet, and at most 5%.
It’s also worth noting that the sole benefit Kemp says crypto has is that it would be a portfolio diversifier.
“However, diversification expectations should be driven by some fundamental characteristics of the asset the security and supported by limited supply,” he said not too long ago.
On the other hand, all the crises that humanity had been seeing since the start of the pandemic back in 2020 have shown the same thing – crypto turned out to be a resilient and strong investment. It offers people to opportunity to be their own wealth guardians.
Benefits and risks of investing in crypto in 2022
As with any investment out there, of course, investing in crypto comes with its own risks and also benefits as well. Forbes recently released a piece on the risks and advantages of investing in cryptocurrencies.
The author addresses retirement savings accounts and analyzes whether it’s a good choice to invest in crypto thinking about retirement plans. Forbes quotes an important person and notes the following:
“Cryptocurrency is digital currency that’s not part of a bank and is designed to be free from government control — or perhaps better put, a digital, decentralized currency,” This is what Stuart Robertson, CEO of ShareBuilder 401k in Seattle said.
He continued and explained the following: “It can be used for the purchase of goods and services wherever it is accepted, and items may be bought anonymously.” He also made sure to explain the fact that Bitcoin is the most popular player in the crypto space, but there are also other digital assets that are worth taking into consideration.
The prestigious publication also talks about the recent push to allow retirement plans to invest in the new industry of cryptos and their underlying tech, the blockchain. This push is not coming from the people who profit from sales but also from beginner investors, according to the notes.
“With over $32 trillion in retirement funds and approximately $12 trillion of IRAs, most Americans use the retirement system as their primary source for wealth accumulation.”
This is what Adam Bergman, CEO, and Founder of IRA Financial in Miami Beach said. He also said that most of American people are using their retirement accounts as their main savings vehicle. But with the massive popularity of crypto which is still on the rise, more and more people are turning towards digital assets these days.
Bergman also explained the fact that crypto is still highly volatile and all investors who are interested in the digital assets used for retirement funds should proceed with caution.
“It’s not just the performance history, but cryptocurrencies come with other risks,” says Jahon Jamali, Co-Founder and Chief Marketing Officer at Sarson Funds in Sherman Oaks, California. He continued and said that this asset class is still young and there should be high investor protection involved as a result.
Reducing investment risks
Forbes also addresses the ways in which the risks can be reduced. The investment industry is constantly looking and finding ways to reduce these risks by merging unregulated products with regulated ones. This is happening regardless of the fact that it’s not very clear how much protection this move is actually offering. But this does make the digital assets less compatible with the generally accepted retirement plan platforms and frameworks well.
“Some of the current push may be a result of recent development of investment products that now allow investors to invest in Bitcoin-related returns in publicly registered funds that are regulated under the Investment Company Act of 1940,” says Karan Sood, Head of Product Development at Cboe Vest in McLean, Virginia.
She explained that these products offer protection for investors and this protection is expected following having to deal with regulated funds. She said that some mutual funds are currently already implementing investment strategies that offer Bitcoin and crypto exposure while controlling extreme volatility.
Financial professionals are beginning to see how these new instruments are sliding nicely into the standard portfolio management strategies and tactics as well.
Diversifying your portfolio is starting to look different already and people are now revolutionizing their retirement savings with crypto. This is all part of a new wave of economics that can defend people from massive inflation.
Even if it’s highly volatile, Bitcoin has already managed to historically over-performed every other asset class during the past five years.
Experts’ overall conclusion is that the speculative nature of Bitcoin and crypto requires careful risk management and it’s more appropriate for people willing to take such risks.
A new survey on crypto investment is out
there’s a brand new survey on crypto investment that was revealed a few days ago. CNBC addressed it in their new article. The conclusions include the fact that one in five Americans invested in or traded crypto – this is what the new NBC News poll found out.
This is yet another sign showing the fact that the mass adoption of digital assets continues in 2022. This has been one of the most important goals that the crypto industry has set, and things have been going on the right path towards the achievement of this bold target.
Cryptos had shown their strength and resilience, especially in times of crisis such as the terrible 2020 – the year when the pandemic which managed to change our lives probably for good began.
According to CNBC, “half of the men between the ages of 18 and 49 said they have dabbled in crypto, the highest share of all demographic groups.”
More than that, according to the statistics, 40% of Black Americans said that they have already used or traded crypto, and 42% of all the people between 18 and 34 years old said the very same thing.
21% of the 1,000 Americans polled said they have at least once used or invested in crypto and this is showing the fact that there’s a youth that is interested in this industry.
Crypto enthusiasts highlight the fact that Bitcoin, Ethereum, and more crypto assets are offering higher transaction speeds, lower costs, high privacy and security, and also an opportunity to offer the underbanked communities financial services as well.
Best 8 crypto-friendly countries to invest your wealth in
We can say that a country is crypto-friendly if it marks two essential things: a certain degree to which it regulates crypto and the degree to which it taxes the digital assets. Rules about crypto are getting tighter all over the world, and this is one of the main reasons for which nations which remain friendly with the innovative industry are worth being taken into consideration by people who are considering relocating.
Here are the best crypto-friendly countries listed by NASDAQ that you might want to visit or move to.
Portugal
Here, the tax authorities adopted a really soft stance on crypto investments. It’s important to note the fact that Portuguese law is known to be extremely crypto-friendly. People here are taking advantage of the purchasing and selling of crypto and are not taxed on the capital gains, and this is a pretty big deal in 2022 when regulators are after crypto like there’s no tomorrow.
NASDAQ notes that the individual investors who are worried about income tax levied on payments that are received in crypto Portugal are very favorable.
On the other hand, it’s important to note the fact that for companies in Portugal, things are quite different. For the firms that receive payment in crypto, there are capital gains taxes that are applied.
Portugal’s tax authorities are quoted as stating that “an exchange of cryptocurrency for ‘real’ currency constitutes an on-demand, VAT-free exercise of services.”
As a conclusion for this country, individual cryptocurrency investors would be wise to consider the country of Portugal for its helpful stance on taxes. But it should be remembered that firms aren’t afforded the same leniency. In other words, it doesn’t seem likely that a wave of companies will be moving to Portugal anytime soon for the benefits.
Switzerland
The country is known and loved for a lot of things, but in terms of financial issues, it’s known for its Swiss banking standards. These allow for the highest level of privacy with very low-risk levels, and this is extremely important in 2022. It does not come as a surprise that this country has very soft regulations for crypto investors as well.
According to NASDAQ’s notes, “the unique system of regions into divisions called cantons plays heavily into what can and cannot be done. Each of Switzerland’s 26 cantons has its own legal definitions regarding the treatment of cryptocurrency.”
Singapore
The country is popular these days for having one of the most stable and developed economies in the whole world. This is also one of the best places in the world to do business. The country is known as a hub of fintech in Southeast Asia.
The central bank is the Monetary Authority of Singapore. This entity believes that the crypto ecosystem must be monitored to prevent laundering and other illegal activity. On the other hand, they also believe that innovation must not be stifled. All this makes Singapore a balanced regulatory and legal environment for crypto.
Germany
Germany sees crypto as private money, and digital assets are not treated as legal tender across the whole nation. The laws involving digital assets favor long-term buy-and-hold investors. It’s important to know the fact that traders of crypto may want to reconsider their plans to use the country in order to avoid taxes. People who have been holding crypto for more than a year will not pay any tax on it regardless of the value. But, according to official notes, investors who are holding digital assets for less than one year, capital gains taxes are levied on amounts above 600 EUR (approximately $712).
Also, it’s good to know the fact that corporations in Germany are subject to capital gains taxes. So for crypto investors with a longer-term view, Germany is an attractive nation to be a part of.
Malta
This small island nation in the Mediterranean has been heaven for crypto investors for a long time now, and things continue to remain unchanged, a lot of crypto exchanges and blockchain projects are operating here due to the massive friendliness of the country towards the digital assets.
Malta welcomed the important crypto exchange Binance after Hong Kong tightened its regulations, and the exchange was welcomed here in a friendlier jurisdiction.
Cyprus
This is another Mediterranean island nation that is known for its pretty chill attitude toward crypto, including Bitcoin. Although crypto is not yet regulated here, the country seems to be on a great path toward this move.
According to new reports, the Central Bank of Cyprus is currently looking to be worried about a potential loss, and as a result, it issued official guidelines about crypto risks as far back as 2014. It’s also important to note the fact that the Cyprus Securities and Exchange Commission has established an Innovation Hub. Here, entities can share knowledge in line with their mission to ensure investor protection within regulated entities. But, all in all, regarding the use and acceptance of crypto in Cyprus, things are definitely open.
Bermuda
This is another country that is recommended for those people who are crypto enthusiasts.
Here, one interesting thing that is worth highlighting is that Bermuda’s Digital Asset Business Act 2018 sets out its regime for regulating individuals and entities who are undertaking the following:
“issuing, selling, and redeeming cryptocurrency and other digital assets;
operating as a crypto payment provider, including the provision of services for fund transfers;
operating a cryptocurrency exchange and providing wallet services;
operating a cryptocurrency services vendor.”
All these elements that we just mentioned above are basically dictating the things that constitute digital business in Bermuda. The location levies zero income and capital gains tax.
UAE
UAE is another crypto-friendly location, and this is the main reason why a lot of investors are migrating to Dubai these days.
We’ve already addressed the fact that crypto companies in the UAE are currently flooded with Russian who are trying their best to liquidate billions of dollars of crypto. They are currently looking for safe havens for their fortunes, and this is due to how crypto is viewed in the UAE. Dubai is a real paradise for crypto lovers, and there are a lot of signs that support this affirmation.
The UAE is currently operating free zones, which are locations where citizens and nonresidents can incorporate firms to get visas and trade licenses.
Platforms like Crypto Expat are getting the importance of getting a Visa quickly for those interested. According to the official website, Crypto Expat can help prepare a Visa for all individuals who want or plan to retire to the UAE. This way, people can get the chance to build their company easily and enjoy all the benefits of developing it in the UAE.
The UAE offers growing businesses stability, larger markets, steady growth, investor-friendly processes, and a tax-free regime.
The UAE has regulatory approaches for crypto, and the crypto regulation in Dubai, as an example, is a move into the future. The city introduced a regulatory framework for crypto not too long ago, and by introducing crypto regulation, Dubai moves forward into the future and rides the wave of innovation.
The target is to create a comprehensive legal framework. This is set to protect investors and also to get more virtual asset startups to do business here in the UAE. This latest move that’s taking place regarding crypto regulation is nothing else than a promising development of the crypto space industry in this location.
What makes UAE an excellent choice for crypto investors?
It’s important to note the fact that the countries that are included in the European Union are seeing some important changes these days.
The whole crypto space has been shaken by the decision that the EU Parliament took a few days ago. They voted for new regulatory measures. These are basically prohibiting anonymous crypto transactions.
Decrypt online magazine notes that the vote was first reported by CoinDesk, and soon after confirmed to Decrypt by Valeria Cusseddu, advisor to the Committee on Economic and Monetary Affairs.
“The ECON and LIBE committees voted to approve a proposal that would require cryptocurrency service providers, such as exchanges, to collect personally identifiable information from individuals who transact more than 1,000 euros using so-called unhosted cryptocurrency wallets,” according to the same online publication mentioned above.
Though votes on several amendments were tight, the final draft was overwhelmingly approved.
Europe is seeing some changes that will definitely affect the crypto space a lot, and investors are not happy – this is one of the reasons why the UAE is an excellent destination for crypto enthusiasts these days.
When you say crypto, you actually say freedom – this is what Satoshi Nakamoto, the Bitcoin creator, had in mind when he created the king digital asset.
Crypto enthusiasts are doing their best these days in order to try and preserve this vital feature that digital assets have – individuals’ freedom.
Closing words
The countries mentioned above are some of the best locations that crypto enthusiasts can choose these days. There are more locations around the globe that plan to regulate crypto exchanges with licensing programs.
This means that businesses will have more and more opportunities, and entrepreneurs will have to do a lot of research on these new locations in order to make up their minds before being able to make a final decision. It’s great to know that there are a lot of places around the world that celebrate cryptos and which offer investors great opportunities. Living in a crypto-friendly country is essential in 2022, and the reasons are getting stronger with each passing day.
We’ve all given it a thought every now and then of what it would mean to start fresh. Did you? Well, we bet you did, and there is nothing wrong with this. The past few years have been anything but ordinary, and we believe that it’s safe to say that they have been pretty eye-opening and mind-blowing. The pandemic has people shifting focus now that we’re getting close to its end. We are trying our best to leave the fear and terror behind. We want to get back to what we used to call a normal life – or at least as close as possible to what we used to call normality.
It’s only fair that a lot of people these days are thinking about relocating and starting over again, especially in a much safer and sunnier place. Following more than two years of gloomy nightmares that managed to change reality and freedom as we used to know them, relocating and starting over seems the best way to turn the page. Check out the most critical issues that this life transition involves.
The best reasons to move to a new location
Especially after retirement, people are giving much thought to relocating. There’s even a survey from the TransAmerica Center for Retirement Studies that found the fact that almost 40% of retirees have reported moving following their retirement. Usually, people are motivated by more reasons before taking such an important decision in one’s life. There are various benefits and advantages, both emotional and financial/material, before someone makes such a decision. Check out the best reasons to move and start a new life.
Starting fresh and enjoying a brand new adventure in your life
It’s important to note the fact that retirees are often moving someplace new in order to lower their costs of living. But this is not the only reason for which they are taking such am an important step in life. Moving, especially after retirement, also means that people have a chance to start the next phase of their lives in a brand new home. Leaving behind the comfortable and familiar surroundings might seem like the scariest thing out there. If you are truly open to an adventure in a new location, the fact that you will meet new people and see new things will make up for all that you are leaving behind. Sometimes it’s good to enjoy a fresh start.
When you move and change location, you probably took this decision because you might have more spare time on your hands, and this can be used to devote to your interests. You might also find places that are better suited to those interests.
Before you move, it’s pretty useful to think about the kind of place in which you would want to spend the rest of your life or at least a part of it. There are more official resources that can help as you identify potential homes that feature the amenities which are important. These are transportation, access to health services, affordability, and more.
Lowering the costs of living
One of the best reasons that people say they take into consideration before changing locations is the cost of living. Obviously, you would want to move somewhere less expensive compared to the previous location. The whole idea behind this is to reduce expenses and enjoy your retirement income more. But it’s imperative to note that moving somewhere else can help people maintain the same quality of life but with less money. Once you understand this, you are good to go.
Main factors to consider before relocating
But, before you move, there are a few things worth taking into consideration. Check out the three factors that you definitely have to consider before relocating.
Choose the location where you want to live
Choosing the location where you want to live following your retirement is a big deal; thus, it’s definitely a big decision. This may turn out to be the place where you will live for the rest of your life, so you definitely have to put all your efforts into it. It’s definitely worth taking the time to know where you will be the happiest. Most retirees are moving to warmer locations (such as the ones in UAE) where they can enjoy lower to zero taxes.
Climate, surroundings, amenities, medical care
You should definitely move to a location that has your favorite climate. You have to decide whether you want to live an endless summer or you rather live somewhere where you can experience all the four seasons. You should also take into consideration the ways in which the weather affects your ability to have fun. Maybe you’ll want to lounge all day on sunny beaches, or you might want to hike through snowy mountains. It’s all up to you, but these are factors worth considering. Medical care is another essential factor that you have to think of when you decide to move abroad. It’s important to analyze medical care access, quality, and healthcare costs.
Let’s take UAE, for instance, because it’s one of the most loved locations that people choose. When you say UAE, you say freedom. The advantages that the location offers people make it one of the best choices for retirement. Here, the rent and living expenses are not what you expect – you can live here hassle-free and maintain your wealth without spending more than you can afford. The healthcare system is also one of the most advanced in the world. The country flaunts state-of-the-art healthcare facilities, and some of them are the best in the region. It’s highly important to note that residents, including expats, can access state health services at a 50% reduced rate if they purchase a health card. These are aspects that people should highly consider before making their final decision.
Considering moving costs and financial benefits
Before you move, you should also consider the costs that such a decision involves. You have to make sure that you definitely understand the ways in which relocation will be affecting your income. You definitely have to think about things from a financial perspective as well. We strongly advise you to choose a location that is crypto-friendly. Why? Well, because, as we already revealed in previous articles, crypto means the future of finance, and it’s important to live in a location that understands this. We were referring to the UAE above – the nation is also keen on crypto, and this is essential.
UAE understands the benefits of allowing the use of crypto in 2022. Digital assets are the safest option that people have regarding purchasing goods and making payments. Using crypto in order to buy a property in the UAE, especially for international buyers, turns out to be really cost-effective. It’s good to note the fact that using crypto costs less on international transfers and payments compared to the traditional ones. Banks are charging massive fees, but using crypto brings hassle-free aspects involving extra charges. With crypto, you can make instant transactions and low prices.
Purchasing real estate properties in the UAE using crypto is an amazing choice thanks to its cost-effectiveness but also saving extra energy and time that the process usually requires. Acquiring possessions and settlements of the properties is a tough process otherwise.
Prepare for the second citizenship or residence
This is probably the most important step when you decide to move abroad. It’s a step that cannot be eliminated, and this is the reason for which we are dedicating it a big chunk of our article.
How to prepare for your second citizenship or residence – best tips
We bet that your main goal is to go somewhere where you are treated best. This is what the ideal immigration scheme is all about in the end when someone decides to get a second residence or second citizenship.
While applying for a second residence or second citizenship can turn out to be a hassle, there are some things worth considering before making this decision for the best results.
Anyway, before you get on with it, you first have to understand the difference between a Visa, a second residence, and second citizenship.
Visa vs. second residence vs. second citizenship
In order to perfectly understand the difference between a Visa, a second residency, and citizenship, it’s highly important to perceive the Visa as the key that allows you to legally unlock the bordering doors that are sealing a country and walk in there. It’s also important to note that a Visa’s validity varies, and this depends on the country or the territory that you will arrive in. For instance, for some Visas, there are 30-day, 60-day, and even 90-day visas – while other countries might give off a more generous 180-day visa.
Regarding the citizenship/residency issue, it’s important to highlight the differences between second citizenship and second residency. They have similar advantages:
You will have the ability to travel without a visa.
You will be able to live in the country without any schedule restrictions.
You will receive the privilege of opening bank accounts as a local.
You will be able to work and do business in that particular country.
You can add in any dependents under certain conditions.
It’s also important to note the fact that if you only opt to become a second residence holder, you may not be able to enjoy the right to vote. More than that, you probably will not be able to enjoy proper national insurance where you choose to live.
Having a second residence or citizenship can turn out very beneficial, especially if you want to have a backup just in case things go wrong in your birth country. Take the Russia/Ukraine case, for example.
We’re seeing massive geopolitical tensions stemming from the war between the two countries. It’s no wonder that people are leaving these countries as soon as possible.
Ukrainians are fleeing for the safety of their lives, and the Russian people are going away due to the harsh actions of their president.
Following the sanctions that Russia has been seeing, the Russian people are being punished. In case you don’t know, the largest credit cards networks, Mastercard and Visa, and PayPal, which is the internet payments giant, have recently said that they suspended services in Russia. This means that the credit cards issued by the Russian banks will not be working outside the country anymore. Such a terrible event is an example of the importance of being able to spend your wealth safely.
Best five tips and tricks to get ready for relocating
Changing the traditional mindset
When you change your location, you might end up in a country where you would be treated differently due to their culture and different ways. You have to be ready for such a thing and change your mindset in order to be able to mold your expectations according to the location where you are. Let’s say that you’re moving to the UAE thanks to the great benefits that come from relocating here.
If you are applying for a second residence or citizenship in another country, you have to be ready for all the challenges that come with this new adventure in your life – you definitely have to change your mindset.
The UAE currently has one of the strongest economies in the Middle east. An amazing aspect of living here is that all income is tax-free. In other words, residents see huge financial freedom here. And if you take this benefit, combined with extraordinary economic stability, all these make UAE a great place to retire to. Here, you will find pretty much every fun activity that you can think of and all the glitz and glam that you could ever desire. Considering that the majority of people living here are foreign-born expats, Dubai and UAE, in general, is a multicultural location that welcomes people of all nationalities.
2. Getting ready for the fees
If you are applying for a second citizenship or residence, you should also be aware of the fact that you might have to get out of your pocket a lot of money for all kinds of fees. There will be all kinds of administrative costs involved in this whole move. These sums will vary depending on the country of your choice.
You will have to deal with lawyer fees, application fees, and more expenses that may occur. These can include medical bills for biometrics or for getting a new driver’s license there.
3. Molding your mind like the ones of bureaucrats
When you decide to apply for a second citizenship or residency, in order to ease this process, it could turn out helpful if you view things from the other side of the looking glass. This is what more experts are saying. You should get used to thinking like a bureaucrat at the table who will process all the necessary paperwork, check all data, and pass on the baton to the very next stage.
4. Saving money
Saving money is extremely important at all times. This will turn out useful, especially if you want to move. You can save money in your bank or set some alternative wealth aside, such as cryptocurrencies. These are vital these days as we have already explained.
The industry of digital assets has been growing in popularity. Probably the most important and relevant thing about this is that it’s been mostly happening in times of crisis for humanity. Just think about it. Since 2020, when the pandemic struck the planet, cryptos have been showing their resilience.
Digital assets have been flourishing despite market volatility and geopolitical tensions. Bitcoin has definitely gained its status as a hedge against inflation, and it managed to become a safe haven for a lot of people. Crypto, in general, has been showing strong signs that it’s maturing, and the continuous mass adoption of digital assets and their underlying tech that we are seeing today is the best argument that supports this. Crypto and blockchain represent the future, and you should definitely pick a country that prefers to ride the wave of innovation rather than hide from it.
It’s also important to note the fact that you have to have a fat bank account in order to show the authorities that you can sustain yourself in their country and that you will not turn out to be a financial burden for them.
5. Updating official documents
Before you leave for another country, you have to make sure that you have your medical and criminal records updated. You have to make sure that all your paperwork is updated and verified as well.
The government in the country of your choice will want to make sure that you at healthy and that you will not be spreading any kind of sickness wherever you are going. Thus this is pretty understandable, thinking about the last couple of years and what we’ve been through with the novel coronavirus pandemic.
These are all things that have to be taken into consideration in order for you to be well prepared for moving to another country.
Why you should consider retiring in Dubai
The last section of our article refers to Dubai and the UAE in general and the reasons for which we advocate for relocating there.
Living in Dubai can become anyone’s dream come true. You can make such a location your dream forever home, and with the help of professionals and experts, this is possible these days.
The same notes reveal that residents under this Visa will have to obtain their own health insurance policy. It is also important to note that they will have to meet at least one of the following financial criteria:
“Earn a minimum monthly income of AED 15,000
Hold a minimum of AED 1 million in cash savings in a UAE bank account in a three-year fixed deposit
Own a property worth at least AED 1 million within the UAE.”
As a conclusion, “this new visa will allow retirees to live in the country for five years, which will automatically be extended.”
Overall benefits of living in Dubai
There are all kinds of social, financial, and spiritual benefits of living in Dubai. You’ll be enjoying your highest spirits all year long thanks to the weather there and the overall upbeat energy that you can find in UAE.
You will be able to spend every day soaking up in the sun and relaxing under the sun’s golden rays.
The strong economy that Dubai has will turn out to be your new best friend. All income here is tax-free, and this means that residents have greater financial freedom while they live here. This is mixed with economic stability, and all this makes Dubai the best choice for you.
As we mentioned above, the fact that Dubai and UAE, in general, is a crypto-friendly location is fundamental in 2022 when it’s vital to be in control of your own wealth.
The lifestyle in Dubai is fantastic as well, and if you decide to retire here, you will never get bored. Also, the multiculturality will impress you for sure. Dubai is a genuinely multi-cultural melting point.
It’s also important to note the fact that Dubai is one of the safest countries in the world, and the crime rate here is shallow. The streets in Dubai are safe, and people are able to walk around even at night without any worries.
The ease of getting a Visa for Dubai
Obtaining a Visa for moving to Dubai is not as difficult as it may seem in 2022. There are specialized companies such as Crypto Expat, which are eager to help their clients move there and, who knows, maybe even start a business and enjoy all the benefits of developing it in the UAE.
The UAE has to offer enormous and growing business stability, huge markets, steady growth, a tax-free regime, and all kinds of investor-friendly processes. It’s great to know that all kinds of innovative business models can be created in the UAE. As we already explained, the fact that the location is crypto-friendly is vital, and this is the safest option that people have here for making payments and doing business.
Spending your wealth and purchasing properties in Dubai
More and more people choose to spend their wealth in Dubai, and a lot of individuals see the many reasons for which real estate is a great choice. Speaking of crypto, digital assets allow the buying of any property in the UAE safely, easily, and quickly. All the usual traditional hassle of buying a property can disappear by buying real estate with crypto for the ones interested. Among the benefits of using crypto in the UAE, there’s the ease of use and the high safety of transactions as well.
With the help of blockchain, after the payment is approved, there will be an instant transfer of the property, and people can enjoy their purchases without delays.
Using crypto to buy a property in the UAE, especially if you are an international buyer, will turn out to be extremely cost-effective.
Using crypto costs less on international transfers and payments compared to the traditional ones. Usually, banks charge hefty fees, but when you use crypto, you will not have to bother about such aspects involving extra charges. Cryptos make instant transactions possible at low prices.
Business in Dubai – getting into real estate
Dubai is one of the world’s busiest entrances to business, tourism, and trade. One noteworthy thing is that Dubai is ranked 1st regionally for ‘Ease Of Doing Business.’ All of this is due to the outstanding governance and policies implemented by the government.
Regarding real estate investments in the UAE, we have to mention the massive charm that is associated with this investment hotspot – the city is a tax-free haven, and it’s open to investors all over the world. More than that, Dubai has already been ranked as the 7th safest destination in the whole world for tourists, residents, and citizens.
Dubai maintains affordability, but at the same time, its status as a luxury destination offers investors a high return on investment. Owning a home in the exciting Dubai is a pretty fantastic thing, and you can also receive a residency visa for your real estate investment.
Closing words
there are a lot of reasons for which you should consider relocating before or after retirement, and we’ve covered most of them above. You also have some of the best arguments for doing it in Dubai. The most important thing to remember is that you should focus on the essential factors we’ve already mentioned in this article before making the most educated choice when getting your second residency or citizenship. This is the best way to be able to enjoy exciting lifelong results.
