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Big Trading Companies In Dubai

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Crypto firms’ enthusiasm for Dubai grows as their hopes for Singapore as a hub for digital assets fade © montage/Bloomberg

Big Trading Companies In Dubai

Big Trading Companies In Dubai

Crypto firms are rushing to set up shop in Dubai, which has begun offering licenses for virtual assets, making the Gulf state the latest jurisdiction to become a haven for the global crypto industry.

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Exchange Bybit, which announced last week that it will move its global headquarters from Singapore to Dubai, joins major industry players, X and Binance to establish a location in the city.

Crypto companies’ enthusiasm for Dubai comes as hopes for Singapore as a hub for digital assets are waning. While Singapore has only approved a handful of cryptocurrency groups applying for a license, Dubai has attracted several heavy hitters in the weeks since the licensing scheme was introduced.

Singapore was seen as a growing crypto hub in Asia, with China cracking down on digital assets last year. Now that some companies have become more receptive to the Gulf’s regulatory framework, the crypto caravan has moved on.

Binance CEO Changpeng Zhao, who moved to Dubai from Singapore, said the Gulf state’s government is attracting cryptocurrency companies with its “open-mindedness and business-friendly attitude.”

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Binance, the world’s largest cryptocurrency exchange by trading volume, has now consulted on the rules to be regulated in Dubai. In December, Binance signed an agreement with Dubai World Trade Center, a duty-free business park, to advise on cryptocurrency regulation in the emirate. The Virtual Asset Management Authority, which launched earlier this month, has granted a license to Binance.

Zhao said Binance lobbied for a free regulator, describing the decision as “brilliant” and praising Dubai authorities as “the smartest regulators and government officials in the world.”

However, Dubai’s enthusiastic embrace of virtual assets has raised concerns in some financial circles, given the recent decision by the global money laundering watchdog Financial Action Task Force to put the UAE on an enhanced “grey list”. monitoring procedures to prevent the flow of dirty money.

Big Trading Companies In Dubai

Lawyers and former regulators in the UK and US said the license order would do little to convince Western regulators that cryptocurrencies are being properly regulated.

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The UK has also sought to become a “global hub” for cryptocurrencies, with City of London minister John Glenn saying on Monday that the country wants to be attractive to “companies that don’t have a base yet”. However, lawyers said the government should encourage British regulators, including the FCA, to pay more attention to cryptocurrency operators.

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Dubai’s onslaught of crypto magic quickly attracted several companies. X Europe, a subsidiary of the Swiss exchange, announced in March that it would establish a regional license at Dubai Airport. Singapore-based added a Middle East office in the city last week. Dubai-based cryptocurrency exchange BitOasis also received a temporary license last week.

Zhao chose Dubai, where Binance already has nearly 200 employees across three offices, to be its regional headquarters. By comparison, he said: “The Singapore government is taking a more cautious approach.”

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Binance’s Singapore branch canceled its application for a license to conduct crypto business in the country in December after regulators ordered Binance Singapore to suspend all cryptocurrency transactions with global exchange, which the regulator put on an investor warning list and “may violate local laws. .” “.

In total, the Monetary Authority of Singapore (MAS) has issued only four cryptocurrency licenses after receiving 176 review applications. More than a hundred companies have rejected it, and about a dozen are waiting for the green light.

Chia-Ling Koh, director of law firm Osborne Clarke, which compiled the figures, said: “The low success rate of MAS is undermining the crypto industry in Singapore.”

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MAS also banned the promotion of cryptocurrencies earlier this year, in what was described as “a strong reluctance by MAS to offer cryptocurrencies to consumers,” said Nizam Ismail, CEO of cryptocurrency consultancy Eticom. “It seemed a little harsh. It was announced and implemented overnight.”

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The ministers said they would protect Singapore from “respectable risks”. Lawmakers stepped up oversight this week by passing new rules that would prevent crypto companies in the city-state from operating abroad without a license.

“Singapore is definitely losing its luster and charm,” said Sue Kai Pang, CEO of Indonesian cryptocurrency exchange Tokocrypto. . . There are open countries like Dubai. “

Visit our digital asset dashboard to follow developments in the cryptocurrency market. Learn and analyze information about major cryptocurrencies and the market as a whole. The United Arab Emirates is one of the countries in the Middle East with a GDP of $421 (as of 2020). The UAE has been trying to diversify its economy for some time thanks to its oil-dominated revenue stream. About 85% of the UAE’s economy relies on revenue from oil exports. In 2018, the UAE ranked 27th in the world in terms of the ability to attract foreign direct investment (FDI) (up 3 positions compared to 2017). The UAE is investing in diversifying its market.

The UAE government offers various incentives for foreign entrepreneurs to set up a company in Dubai. The investment has fueled business growth in the UAE.

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Let’s take a look at 10 emerging Dubai industries with positive prospects for the UAE:

The UAE is investing heavily in improving its infrastructure. Their goal is to have the best infrastructure in the entire Middle East. If you know about the construction industry and want to start a business in this industry, UAE is the right place to start your business. The UAE holds great promise for growth and development. At the beginning of 2017, there were more than 3,200 active projects in Dubai with a total value of $245 billion. That amount will increase ahead of Expo 2021, which is expected to bring $42.5 billion in construction projects.

Only Dubai is one of the largest e-commerce investors in the Middle East, higher than Abu Dhabi, which has a larger population than Dubai. You can enjoy a successful e-commerce business in UAE with minimal investment and precise knowledge in this field.

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Doing business in this sector is a profitable idea with Emrite tourism opportunities and well developed tourism. Doing the right research and choosing the right workplace can be one of the best steps you can take to successfully work in the UAE.

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In the next 5 years, the UAE real estate industry is expected to grow by 111% compared to the existing market. Also, the growing interest in foreign investment and tourism creates more opportunities for this industry.

Since the pandemic, the importance of the healthcare and hospitality industry has received increased attention. The UAE offers many opportunities in this area and has created an infrastructure that makes it easy for people who want to start a business in the UAE to do so. The main thing to do is to obtain the necessary approvals and licenses to open a business in the UAE.

Intricate knowledge of anything is always an advantage for people. If you have enough knowledge about something and want to start a consulting service about it, UAE is the place to start your business. Interest in this field has grown over the years and can be a good career opportunity.

If you want to open a new restaurant or open a new hotel branch, UAE is a good place to invest. With the increased interest in investment and the additional investment of the UAE government in the tourism industry, the business of hotel chains and restaurants has grown. Moreover, it is one of the growing industries in Dubai in 2022.

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The Middle East is known for its abundance of precious metals. Not only that, but the UAE also offers beauty products, perfumes and more. is the right market to access luxury goods like Whether you want to start a new business or open a new branch for your existing product, working in UAE is the best place to start.

This business includes industrial, commercial and residential cleaning. Starting a cleaning service business in UAE is very easy depending on the job requirements and labor costs. Also last year due to the pandemic

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