Firas Al-Sadiq, managing partner at Ghaf Capital, says the UAE’s “education-based systems” set it apart from other jurisdictions.
Binance and other UAE-based cryptocurrency companies are optimistic that the country will remain a hotspot for virtual assets despite a potential shift toward the United States if the Western superpower becomes a more crypto-friendly jurisdiction.
The US “regulation by enforcement” regime has prompted global cryptocurrency companies to relocate to locations such as the UAE, UK, Switzerland and Singapore. However, the idea that companies could return to the US in the event of a change in trend was raised during a discussion on December 11 at the World Blockchain Conference in Dubai.
Highlighting the UAE's approach to technology and innovation, Alex Shehadeh, Binance's general manager for the Middle East and North Africa, said that the local government has built infrastructure around several initiatives that cover not only artificial intelligence, but also Web3. Sustainability and other sectors:
"[People going out] wouldn't be a concern. Maybe we worry: 'Do we have enough infrastructure to let people in?'"
“We have achievements… We have an education system, a health care system, roads, trains. Where else will you move? To other jurisdictions? They do not issue visas. They don't have the infrastructure," he added.
Chehadeh said Binance, which recently had its fund management license in Abu Dhabi revoked and whose former CEO Changpeng Zhao pleaded guilty under a $4.3 billion settlement with US agencies, would remain in back in the area with a surveillance license in the capital of the United Arab Emirates. and minimum viable product license for exchange and brokerage services in Dubai. Meanwhile, Feras Al Sadeq, managing partner of blockchain private equity firm Ghaf Capital Partners, said the UAE is at the forefront of “regulation through education”, highlighting the approach of regulators local to actively support projects through various events, including conferences and meetings. He say:
“It is very difficult to find a regulatory agency… to fight, educate and support these companies. I think that's the main difference between us and the rest of the world.”
Al-Sadiq also stressed the UAE’s goal to become a leader in the technology sector by employing thousands of employees in emerging technology fields, including 30,000 employees in the field of artificial intelligence by 2030.
Faisal Al Zaidi, co-founder of Crypto Oasis Ventures, said the UAE's lifestyle and business community make living there attractive for non-residents, adding: "You plan [to live here for a short period]], but because of what your life is like here...the community and the ecosystem... People will stay. he added:
“The number of new organizations emerging may slow down, but existing organizations will still exist.”
A wave of government crackdowns on cryptocurrency companies in the US has alienated crypto companies, with industry leaders suggesting that cryptocurrency startups should avoid the current jurisdiction and mandates of the US Securities and Exchange Commission (SEC), led by Chairman Gary Gensler. It sparked the ire of the cryptocurrency community.
However, the landscape may be turning more positively for the cryptocurrency community, as US Senators Cynthia Lummis and Kirsten Gillibrand reintroduced a bill to create a regulatory framework for cryptocurrencies in July.
𝐈𝐦𝐚𝐠𝐞𝐬 𝐛𝐞𝐥𝐨𝐧𝐠𝐬 𝐭𝐨 𝐩𝐞𝐱𝐞𝐥𝐬.𝐜𝐨𝐦
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