Pandemic leads crypto entrepreneur to new business in Dubai

Сrypto businessman Ilman Shazhaev got stuck in Dubai in the wake of the COVID-19 lockdowns. However, he realized soon that Dubai is the best place to conduct international business.

In a Cointelegraph interview, Shazhaev shared that he got stranded in the Middle-Eastern country during the pandemic lockdowns. However, he soon realized that it was a blessing in disguise.

“At first, it was a coincidence — I got stuck in Dubai during the lockdown. Soon enough, I realized that this is the best place to conduct international business: very lucid business regulations plus an excellent environment for entrepreneurs.”

When asked why he decided to relocate and launch businesses in Dubai, the tech executive mentioned the strength of the city’s regulations. Shazhaev says that “the key point is that the local regulations work as they should: Neither money nor connections can help you avoid punishment if you violate the law.”

Apart from this, the businessman also mentioned the advantages of IT-related businesses when it comes to taxes. “For me, the best news is that since the government is strongly interested in helping the IT-sphere evolve, such companies are exempt from taxes,” he said.

At first, the entrepreneur has also faced several difficulties while doing business in the region. Being a multi-cultural location, Shazhaev says it took some effort to adapt.

“Adapting to the local business mindset took some effort because there are a lot of different nationalities here,” he says. “Communication was difficult at first. But after the first few deals, I got the hang of it, and business got easy for me.”

The businessman also compared his experience within Dubai to other countries that he operated in. “I have been a part of crypto companies located in China, Indonesia, Russia, and Hong Kong. Unlike in these countries, there is no bureaucracy mess in the UAE,” said the tech executive.

Shazhaev runs a digital asset management company called OneBoost. In 2019, he transferred the operations to the UAE. After a while, he launched another business called the Farcana Metaverse in Dubai.

The United Arab Emirates has long been considered a desirable destination for doing business. Now, the Gulf nation appears poised to become a global hub in the burgeoning field of cryptocurrency. As more and more countries seek to ban or impose strict regulatory measures on cryptocurrency, the world’s largest crypto trading platform, the Chinese company Binance, is going all-in on the UAE. At the same time, a surge in the buying, selling, and creation of NFTs is also taking place in the UAE.