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.
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.
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.
It’s 2022, and we’ve already been through hell and back. How? Well, our generation has seen a 2-year long pandemic that managed to change the normality of life as we used to know it. This has probably been changed for good.
Two years have passed since we probably started to value subjects such as health and freedom. During the pandemic, the freedom of movement was minimal, and this is one of the issues that become essential these days. Not being able to go where and when you please became the new normal. Now, people are definitely valuing their freedoms more than ever after all that we have been through.
More and more nations begin to lift the pandemic-related restrictions, and we can get back to the normal life we once knew, slowly but surely. Traveling is on the menu once again, and people have already started to pick their vacations for 2022. The most daring ones are even considering new locations to start over their lives, locations with more freedom and brighter days. In this article, we’ll review three of the best locations where you can choose to relocate and start a new life. But first, it’s important to address the main factors that you should consider before making your best bet.
It’s important to understand that before choosing your dream location, an expat destination, you have to first do your research and understand how easy it would be living there once you’ve arrived and how easy it would be to spend your wealth there as well.
International Living recently dropped an article called World Rankings: The Best Places To Live in 2022, in which the authors are addressing the best quality of life in the world. They address the best places to live with the best climate, the heathiest places, and the cheapest as well. This is definitely a go-to guide for you to check out as well.
But now, let’s get back to our own business and address the main factors that have to be taken into consideration when addressing the best retirement locations before you can make the most educated choice for the rest of your life.
International living essentials
Here are the most important factors to consider when picking out the best retirement location for you and your loved ones as well.
Purchasing and owning real estate – prices of properties
Of course, an essential issue to take into consideration when you’re planning a retirement abroad is the suitability of the property market that you will find there. More issues are usually overlooked, such as costs, legal and administrative procedures to own real estate. We’re currently living in a boom of real estate, and this means that you can find lots of places all over the world to choose from.
Healthcare and entertainment – advantages and discounts
There are a lot of expensive countries out there, but with the best expat locations, you will definitely be able to find cheaper places that provide people more advantages about places to stay, food, clothing, healthcare, and entertainment as well. These issues should not be overlooked either.
Residency and VISA requirements
It’s true that retiring in a tropical location may seem the perfect fit for you or for anyone else, but this excitement can drop if you’re not planning and researching all the important details about the location carefully. People who want to retire in a certain country have to know for sure that they are free to do so. Living costs, ease of travel, ease of getting a VISA, climate, and other factors should be addressed as well before making an educated choice.
Arranging your finances
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 Russin 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 has.
Before making the best choice for your retirement location, you have to consider all that’s related to finances: you have to apply for social security benefits before leaving the country, and you also have to choose a retirement income source. This has to be a source that will not be affected by international taxes or currency exchange rates.
Understanding the benefits of crypto is essential in this direction, but we will get back to the subject later on.
Understanding the importance of crypto in 2022 – the nations’ stance on digital assets
Crypto has been growing in popularity, and this is extremely important as it’s been mostly happening in times of crisis for humanity. Since 2020, when the pandemic struck the planet, cryptocurrencies have been showing their resilience. They have been flourishing despite the market volatility and geopolitical tensions.
Bitcoin has definitely gained status as a hedge against inflation, and it managed to become a safe haven for a lot of people.
Crypto, in general, has been 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.
When you’re thinking about retiring, it’s important to also check the nation’s stance on crypto. Cryptocurrencies 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.
Renting costs and living expenses
This is another essential issue that has to be taken into consideration. Healthcare facilities, renting costs, and Ambulance services are some of the important issues that you have to consider.
You have to check out the finalists in terms of dream locations and make sure to compare rent, health facilities, and more.
Living expenses are also important when deciding to move to a new place. All this data should be in front of you before making the final decision about where you decide to spend the rest of your life.
Climate
Deciding to live abroad is the best and most adventurous way to get to see the world and enjoy new experiences while getting to know new cultures.
The type of climate that the location has is more than essential if you want to retire there – this is the climate that you’ll be stuck in for a long time.
Stability of the country’s political situation
It goes without saying that this is a crucial factor to keep an eye on – just think about what’s been going on today in the world and how the globe is just one step away from a potential WW3.
Getting to know the political stability in the country that you choose to pend your life from now on could not be more important than in 2022.
You should be looking out for an attractive environment for retiring expats with good healthcare, strong economies, and low unemployment rates. There should be a stable political situation and a low crime rate as well.
Entertainment and a healthy lifestyle
When you’re choosing a location for retiring, you would definitely want to be able to have fun there and live the rest of your life like there’s no tomorrow after a lifetime of work and hassle.
Also, it’s essential t highlight the importance of being able to live a healthy lifestyle in the location of your dreams – this can probably be noted as the most critical aspect of retiring in any country, along with politics and the financial aspects.
Development and infrastructure
As a potential expat, you should think about the infrastructure that the country offers and also the potential that the nation has development-wise. These are essential issues that will make sense in the future.
Here are the best three destinations where you can retire and live the dream in peace and tranquility.
Best three relocation destinations
UAE – Dubai
When you say UAE, you say freedom. The features that the location offers people are the ones that make it one of the best choices for retirement. The UAE is an exciting destination that has amazing attractions, and it also features upbeat energy. Dubai is famous for its friendly and multicultural population.
There, you will be able to enjoy a massive array of lifestyle experiences that are all putting convenience at the forefront.
Dubai enjoys a year-round sunny climate, and it also benefits from a low crime rate. This, along with other important issues, makes it one of the best locations in the world for people who want to retire. The city has a lot of recreational activities, and it offers a convenient and comfortable lifestyle for residents as well.
Renting costs and living expenses – crypto acceptance
There are a lot of benefits that come with finance in Dubai. This is a really crypto-friendly location, and you will be able to enjoy the benefits of buying properties using crypto. 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.
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 and owning real estate – prices of properties
Buying a property in Dubai can be anyone’s dream, and it’s definitely the safest option that you have there for making payments.
There are various reasons for which real estate investors are opting these days for spending crypto in Dubai, and the most important one is the fact that the transaction process is secure.
Purchasing real estate properties in the UAE using crypto is an amazing choice thanks to 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.
Healthcare
It’s essential to note the fact that both state and private healthcare exists in the UAE. This country flaunts state-of-the-art healthcare facilities, and some of them are the best in the region. It’s extremely important to note that residents, including expats, have the ability to access state health services at a 50% reduced rate if they purchase a health card.
On the other hand, it’s also important to highlight that the public facilities are limited, and many foreign residents take out private health insurance to access a wider and quicker range of services.
People living in Dubai or Abu Dhabi should know that health insurance is a legal requirement, and you will be subjected to monthly fines if you don’t have it. This is why it’s a vital point to have in mind.
Residency and VISA requirements
The Dubai retirement VISA is anyone’s chance to live in one of the fastest-growing, safest, and most culturally diverse places on the planet. It definitely offers you the chance of your lifetime to enjoy the next chapter in your personal story.
It’s not hard to get a Visa to get to the location of your dreams. Companies such as Crypto Expat can help prepare a Visa for you so that you can build your 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.
Climate
UAE is the place to be if you love the sun and an energetic lifestyle. Dubai has a hot desert climate, and summer begins around the last month of April.
Summers are extremely hot and with high humidity. Why would you want to live your life in a cold and rainy place when you can enjoy every day relaxing by the pool and soaking up in the sun? In UAE, you can spend your golden years under the golden rays of the neverending sun.
Development and infrastructure
Regarding infrastructure, Dubai boasts a world-class infrastructure, well-maintained roads, excellent public transport, and connectivity. These are only some of the reasons why Dubai is a global trade center.
Strong economy and amazing lifestyle
The UAE flaunts one of the strongest economies in the Middle east. An amazing aspect of living here is that all income is tax-free. This means that residents see huge financial freedom here. This, combined with extraordinary economic stability, makes UAE a great place to retire.
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. Costa Rica
For people who are looking to retire abroad and are in need of a place that’s affordable and also enjoyable at the same time, Costa Rica might be the best choice.
One essential issue that we have to mention is the fact that it’s pretty hard to beat Costa Rica when it comes to beaches, warm weather, and delicious food.
More than that, the World Health Organization notes that this democratic country features one of the top healthcare systems in the whole world – in this regard, it’s even better compared to other countries in Western Europe.
Purchasing and owning real estate – prices of properties
Costa Rica is the ideal retirement location, and you probably know by now that Central America is among the most welcoming nations out there for foreign retirees on the globe. People there can enjoy hassle-free residence programs, a low living cost, and a stable democracy.
It’s also important to note that properties in Costa Rica offer an amazing opportunity for investment. There, you can find great locations for renting, living, and retiring. There are also great opportunities of investing in the country as well.
Healthcare and entertainment – advantages and discounts
It’s interesting to note the fact that Costa Rica has a universal healthcare system that is called Caja Costarricense de Seguro Social (CCSS), referred to as the “Caja.”
According to official notes, the system offers “100% coverage for all medical procedures and prescription drugs, through the public hospital and clinic system, to citizens, permanent residents, and visitors for a small monthly fee based on a percentage of their income.”
As a conclusion, the quality of Costa Rica′s healthcare is excellent. In terms of entertainment, there’s plenty to do and see in the country, and anyone who has ever been there knows this.
Residency and VISA requirements
Obtaining a Costa Rica residence permit allows the holders to stay in the country long-term – meaning more than 90 days. This can be done with the main purpose of working, studying, retiring, and also joining a family member who is already there. It’s also worth mentioning that Costa Rica residence permits are issued after the foreign national is already in the country legally.
Renting costs and living expenses
Costa Rica is one of the most popular countries that people choose for retirement, and this is also due to the low costs of living, amazing ocean views, and tropical climate.
For tourists, Costa Rica offers amazing vacation locations, and the pluses for at least visiting the country include warm people, adventurous opportunities, which are great for both the body and mind as well.
Entertainment and a healthy lifestyle
The nation has become a desirable place for retirees all over the world, and this is due to all the affordable costs involving living, a healthy lifestyle, and exclusive top-notch medical facilities. The low costs involving living and amazing healthcare have lots of expats wanting to retire here.
The universal healthcare system is among the best ones in the world, and this is one of the enticing reasons to retire in this location.
Spending crypto in Costa Rica
Regarding whether the nation is crypto-friendly or not, the government of Costa Rica is still refusing to accept crypto as a monetary currency. On the other hand, it’s good to know that they legalized its use.
The Central Bank of Costa Rica (CBCR) does not consider crypto as a legal tender, so far.
3. Ecuador
If you’re looking for the best retirement where you can enjoy all the world’s delights, Ecuador may be the perfect location for you. It could be just what the doctor ordered. This is a nation of 16 million people, which has two distinct equatorial regions.
This means that it’s blessed with lots and lots of sun all year round. Only thinking about this, you can say that the location could be the perfect one for you.
Purchasing and owning real estate – prices of properties
Let’s start with the fact that Ecuador is also a budget-friendly country that you can retire to.
The capital city, Quito, has been named the Andes Capital of Culture and Don Juan Shopping City.
You can also check out major must-see locations like Old Town Centro Histórico, La Compañía de Jesús Cathedral, and the impressive Quito Artisan Market. You can visit amazing parks and enjoy various architectural styles. Here, you will be able to find unparalleled real estate listings, and this will make your relocation experience a dream come true. Ecuador offers the best properties for sale in the market, and this is one of the main reasons that make the nation one of the best places when you consider retirement.
Healthcare in Ecuador
According to official data, Ecuador has a universal healthcare system. It is funded by the government, and it’s also important to note the fact that it provides treatment to all.
The major cities, such as Quito (the capital) and Guayaquil, have public hospitals. One amazing plus is the fact that treatment is free, and anyone can visit for examination by a general practitioner or a specialist, depending on the malaise.
Residency and VISA requirements
The Temporary Resident Visa is currently allowing people to stay in Ecuador for up to two years. You may renew this only once. On a Temporary Resident Visa, you may be absent from Ecuador for no more than a cumulative total of 90 days per year.
Renting costs and living expenses
Prices in Ecuador are definitely affordable ones – You can find some beautiful homes and apartments for rent here in Ecuador. You can find everything that you might be looking for: unfurnished, fully furnished, beautiful, dumpy, and more.
Spending crypto in Ecuador
In Ecuador, you can take your daily payments to the very next level. You have the opportunity to exchange crypto and spend it with your VISA debit card in millions of shops all over the world.
Entertainment and a healthy lifestyle
It’s worth noting the fact that Ecuador’s famous Galapagos Islands are true paradise, and adventurers and fun-seekers will be in heaven here. The country has a lot to offer, and this includes many opportunities that will allow you to immerse yourself in the local artisanal culture.
There are various historical sites to visit as well. The country is also hosting great festivals and entertainment opportunities.
As a conclusion, for those interested in relocating to Ecuador, the nation offers people the opportunity to enjoy a picturesque and incredibly biodiverse area.
Here, you will be able to enjoy the Galapagos Islands, part of the Andes Mountain range, tropical rainforests, and beaches. A lot of people who choose this as a location for their retirement can live in Quito, Ecuador’s capital city.
Final words
The best expat countries for retirement are the ones that suit your needs and dreams. A fun way of life, great food and climate, strong medical care, vibrant people who know how to enjoy good times, and financial peace of mind are definitely some of the key points that you want to keep in mind when choosing a location.
Legacy banking is currently being disrupted by innovative technologies that digital assets bring. This is one of the reasons why crypto-friendliness should be on your checklist when making an educated decision about your retiring location.
Retiring abroad comes with a lot of benefits – you just have to know how to look for them. Retirement is the time to wave goodbye to stress and discover the most idyllic spots where you can enjoy life and the best things it has to offer. Make your decision wisely because you are deciding for yourself and for your happiness, peace of mind, and comfort.
