Innovation is what drives progress in Dubai. Here, investments are made in the development of an ecosystem for innovative solutions and forward-looking business models to flourish. The city ranks first in the world in attracting foreign direct investment (FDI) and scientific and technological exchange in the high-tech sector.
Dubai is growing in popularity among crypto exchanges, blockchain-based companies and startups interested in networking, participating in business meetings and events, and building their projects’ awareness among blockchain industry professionals. Major innovative conventions, forums, networking and business events designed to build long-lasting and stable business relationships are taking place in Dubai with increasing regularity and attracting a larger and more serious audience to participate. All this creates a certain information background and excitement among innovative enterprises and startups as well as potential investors.
And here’s why Dubai is the place to be for networking and business events, particularly when it comes to crypto projects, blockchain and web3. Therefore, AVINOC successfully delivered its presentations here for several years now. Among them are major events such as: Smart Chain Forum, Safir Global Summit, Next Level Event and many more.
1. Dubai and the UAE aim to become Blockchain City No. 1 and have been advancing new technology projects for years.
For the past four years, the UAE has been implementing the Emirates Blockchain strategy and has adopted blockchain technology to conduct its transactions. According to the concept, the Emirates is to become the world’s first blockchain-based state. The strategy is based on three strategic pillars: government efficiency, industry creation and international leadership.
The initiative, called the Dubai Blockchain Business Registry Project, passed by the Department of Economic Development, allows the relevant authorities to store and update company registration information, which is expected to achieve the best results in facilitating business registration in Dubai.
2. Dubai is a place to be for networking since many companies working on the same technology have settled there.
Blockchain technology has the ability to enable broad collaboration between different organizations, as well as transparency of the entire communication process for all parties involved. Dubai’s blockchain-based company registry is designed to simplify the process of creating and running a business, facilitate the digital exchange of trading licenses and related documentation, and ensure regulatory compliance within the local business ecosystem.
Moreover, the Dubai Future Accelerators (DFA) has launched an intensive 9-week program that allows international tech startups to collaborate with large companies and government organizations in Dubai.
3. Special startup centers run in Dubai and provide support for the launch and further networking of blockchain and crypto-projects.
Dubai aims to strengthen its economy with the help of the Dubai Future Foundation (DFF), which brings together public and private entities to enable startups to grow. Government programs are launched here to support and finance startup incubators, promoting business growth, development and testing of new technological business models.
Dubai Startup Hub brings together startups, venture capitalists, businessmen and builds a bridge between entrepreneurship and the state, while offering workspace, networking, an incubator with educational programs and related events for entrepreneurs.
In addition, the DFF has a number of initiatives designed to develop the entire city. In 2019, four “laboratories of the future” appeared there to support entrepreneurs and the development of advanced technologies. This year, Dubai approved legislation to control the use of digital assets, such as non-playable tokens (NFT), and is now considered one of the best places for cryptocurrency and Web 3.0 startups. It is also supported by the low tax rates and more accommodating jurisdiction on top of the investors from the Middle East who also express a great interest in funding startups, as this contributes to long-term reliability.
All this reinforces Dubai’s position as an ideal place to network and connect, work and invest – especially given the amendments to the 10-year Golden Visa program, the five-year Green Residency visa and a series of new UAE entry permits have increased interest in the thriving startup ecosystem.
4. Dubai is legally regulated
The emirate’s robust and progressive regulatory framework provides solid protection for investors and key partners, as well as for the ongoing development of science and technology projects. Over the past years a number of productive measures have been implemented, such as granting permission to establish companies with 100% foreign ownership outside of free zones and issuing long-term visas to investors and professionals in key sectors. Informational and legal transparency guarantees greater freedom in business communication and networking for all parties involved.
Dubai offers profitable and reliable programs for investors, and the emirate’s taxation system is recognized as one of the best in the world. Recently, its legislative framework has undergone a series of changes of an improved judicial system for the most efficient dispute resolution and protection of stakeholders’ and investors’ interests. In addition, the UAE Cabinet has also unveiled an extensive set of regulations to facilitate startup owners, investors and entrepreneurs in obtaining long-term visas.
5. The UAE fully supports innovative projects and are pioneers in the cryptotechnology sector.
Driven by innovation, Dubai aims to create an ecosystem for the successful implementation of cryptotechnology by various industries. In particular, the emirate has approved several long-term strategies in the areas of artificial intelligence, blockchain, 3D printing technologies and the Internet of Things (IoT). The Smart Dubai initiative is one of Dubai’s most important strategies to transform all aspects of urban life and create the smart city of the future. Since its launch, Smart Dubai has phased in more than 130 projects in collaboration with public and private sector organizations.
In this way, this development of Dubai, which is carried out using modern technology, means for business:
- High efficiency of state services and reduction of bureaucracy;
- The highest level of cybersecurity;
- A favorable and foreseeable environment for cryptocurrency and blockchain companies;
- Ability to obtain individual licenses from cryptocurrency centers.
6. Cryptostructures can be built in a much smarter way in Dubai because the state supports it instead of blocking.
Last December, the Dubai World Trade Center was declared a cryptozone, allowing all virtual asset companies to conduct business there. Thanks to unfettered regulation, Dubai is becoming a new hotspot for software companies, especially Web 3.0 startups.
Here cryptocurrencies are integrated into the legal field, which contrasts sharply with the “gray” status in most other countries. The government does a lot to support this industry: there was established a special Committee for crypto market development in the Emirates, as well as many crypto-machines or cryptocurrency exchangers can be found on the streets of Dubai.
The Dubai Multi Commodities Centre (DMCC) free-zone operates a cryptocurrency center, which was launched a year ago specifically to support companies working with digital assets and blockchain-based technologies. The DMCC Free Zone has signed a memorandum of understanding with The UAE Securities and Commodities Authority (SCA). This will allow businesses operating in this free zone, including exchanges, to conduct their business within a simple and clear regulatory framework, avoiding being in a “gray area”.
Similar conditions can be found, for example, in the DAFZA free zone, affiliated with Dubai International Airport. A year ago, this free zone’s authorities signed an agreement with the same Securities and Commodities Authority regulating the offering, issuance, listing and trading of crypto-assets on its territory.
All the above provides crypto investors and companies operating in this technological niche with comfortable conditions for business, successful agreements and long-lasting business connections, legal status of assets and convenient jurisdiction for running business with low or zero taxes.