Why Crypto And Virtual Asset Businesses Need To Be In The UAE?
11th March 2022
Digital currencies are here and now and will increasingly become the norm. Financial institutions which are quick to get to grips with blockchain technology and provide crypto-based services are likely to be the ones which dominate in the future. It’s a race against time to ensure they don’t get left behind.
Love it or hate it, the Metaverse is also here and now, meaning that many are jumping on the band wagon to be early adopters in creating, developing and capitalizing on this new virtual space.
For the pioneers of crypto currencies and the trading of Virtual Assets (VA), the UAE is an attractive place to be registered as it’s leading the way in the regulation of the sector.
Last year, Abu Dhabi Global Market was the first jurisdiction in the world to regulate VA activities. And just two days ago, Dubai introduced it’s new Virtual Asset Regulatory Authority (VARA) to oversee the licensing and regulation of the VA sector.
Being a relatively new sector, VAs are high risk and volatile. Hence, the UAE is leading the world in terms of regulation, setting high standards and generating market confidence, which is in line with it’s long term economic strategy of diversification and innovation.
This news should be welcomed by virtual asset platforms and trading facilities; transfer services and exchange houses; brokers; custodians and asset managers, intermediaries and other such VA associated businesses wanting to promote themselves as responsible by adopting regulation and governance.
Do you have a VA business which should be regulated in the UAE?
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Gateway Group Of Companies
The Gateway Group Of Companies helps organizations to mitigate the risks of getting licensed to do business in the UAE. We were established back in 2014 to provide no-nonsense, transparent and well communicated services, as a result of witnessing the troubles companies encountered when doing their company formation in Abu Dhabi and Dubai.
Establishing a presence in the UAE doesn't need to be difficult, providing you engage the right expertise at the outset. We are just like you - we have invested our own money to establish our businesses in the UAE, so unlike a sales team, we understand and can empathize with the anxieties and risks of doing business overseas and the implications of making the wrong decisions. We are best positioned to provide, on-the-ground, practical advice from first hand experience. Hence, our services are designed to give you full control of your business, protect your assets and keep your profits. After all, this is exactly what we want for our own businesses too.
Our core values are Honesty, Trust & Integrity.
Gateway Group Of Companies
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Written by Jenny Hunt, Founding Partner & Strategic Advisor to the Gateway Group of Companies, Abu Dhabi & Dubai UAE
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