Ronit Ghose explains how developing cryptocurrency policy, a top-down approach is assisting Dubai in being the go-to destination for the business when it comes to opening up shop in the emirate.
“You had very clear messages top down from the rulers of the country that we’re going to try to regulate this,”
So, Ronit Ghose tells Forkast.
“ADGM (Abu Dhabi Global Market) in Abu Dhabi, in Dubai, there’s a virtual asset regulator that’s been announced recently,”
So, the Global Head of Banking, FinTech & Digital Assets for Citi Global Insights says.
“They’re putting in place frameworks to allow regulation.”
When it comes to cryptocurrency service providers relocating their businesses, Dubai and its neighboring emirate of Abu Dhabi have been on a tear.
According to unsubstantiated rumors, the cofounders of Binance-backed Indian cryptocurrency exchange WazirX recently relocated to Dubai.
Crypto.com and Bybit have opened offices in the United Arab Emirates, with Binance receiving cryptocurrency licenses in Dubai just days after FTX.
“There’s a pro-future or a pro-technology agenda,” Ghose notes
“Larger economies, larger systems, they’re like oil tankers …”
“and these are small places that, like a startup or a speedboat, can move faster.”
It also helps that, in comparison to some other countries, starting a firm is quite simple, according to Ghose.
“I’m talking generically compared to many countries. You can just look at the stats,”
“the number of days, the number of hours spent,”
So, Ghose says
“So the process of incorporating a business is relatively easy.”
Even while it is still early in the process, it appears to be more streamlined than in prior years.
So, Ghose says “It’s not perfect yet, but it’s a great sort of first few steps,”
He also said that a mature response to the Covid-19 pandemic aided in attracting top-tier personnel. “There are so many Web3 and crypto creators from India, but also from China, Russia, Western Europe, and the United Kingdom.”
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