The blockchain community has often struggled to navigate a maze of regulations that can stifle innovation. Over a decade ago, cryptocurrency projects faced minimal restrictions, allowing for rapid growth and development. However, over the years, many countries have adopted regulations that have made it difficult for these projects to thrive. China and India are prime examples. In China, projects like NEO, often referred to as the “China’s Ethereum,” and Binance, one of the world’s largest exchanges, have emerged and found international success. Similarly, India has seen the rise of Polygon, a leading Layer 2 scaling solution for Ethereum. Today, however, China has made cryptocurrency trading virtually impossible, and India has imposed severe restrictions on the industry.
The UAE, however, is at the forefront of countries that have embraced blockchain projects in a positive manner while safeguarding the interests of investors. Cryptocurrency regulations have been favorable to the industry and have remained so since the industry’s emergence. Additionally, the practices and effectiveness of common law influenced by the United Kingdom in the UAE have provided much-needed clarity for businesses.
While the EU and other countries, such as Switzerland, Singapore, and Japan, have implemented cryptocurrency-friendly regulations, they still make it difficult for foreigners to migrate to their countries. Since many cryptocurrency projects have been started by entrepreneurs in often unstable developing countries with often crippling regulations, the founders behind these success stories often want to migrate to regions where they are personally and financially safe. The UAE, with its variety of visa programs, has made it more accessible than almost anywhere else.
Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures, tells us that “our group of companies, under the umbrella of MNA Ventures, and in particular OTC Business Services, has helped many entrepreneurs from the relatively nascent world of cryptocurrency, and before that from the tech and traditional industries, to settle in the UAE.” Al-Rashed says the team not only helps clients settle in personally, helping them find the right place to live, work and raise their family, but also provides the necessary global structure, legal advice, business consulting, banking services and additional support needed, making the transition smooth and stress-free.
Although OTC has been facilitating these services long before the creation of the first Bitcoin, the advent of cryptocurrency has changed the game. “While our business has been going well since our launch almost two decades ago, the last half-decade, with the phenomenal growth of the blockchain world, has been a game changer for us and the UAE business world in general. From a non-existent industry, in just a few years, we have welcomed hundreds of clients. It has now reached such a scale that we now have to respectfully reject most new clients who want to join us,” Al-Rashed explains.
Entrepreneurs, especially those in the blockchain sector,
Main image: Mostafa Nasser Al-Rashed, Executive Director of MNA Ventures.
