Many physical businesses are moving their shops to Dubai because of its liberal trade policies, higher purchasing power, and stable political system. However, for a business to survive and thrive, it needs access to the right market and consistently paying customers. Dubai has both these components, which is an attractive factor for business. Physical and digital businesses are also finding Dubai a great place to build and sustain their companies.
EXGOLAND is one of the first digital businesses in the MENA region leveraging the metaverse and Web3.0 space. Because EXGOLAND is the first entity here, it has the first-mover advantage. The businesses associating themselves with EXGOLAND will also get a share of the pie.
The Crypto Industry is Loving Dubai
Recently, several crypto and blockchain companies have moved their operations to Dubai. And these are popular and high-traffic businesses with millions of active users.
The cryptocurrency exchange platform FTX got permission to operate its exchange and clearing house in Dubai. This move by FTX takes action amidst the Gulf nation’s approach to promote the expansion of its digital asset sector.
In addition, Binance, another crypto exchange platform, has started to work from Dubai. Again, Binance’s move to operate from Dubai has become convenient after the country’s efforts to attract businesses dealing with digital money. In Dubai, Binance will offer its services to retail and institutional investors.
According to the license Binance has received, it can open a client money account in Dubai’s domestic bank. It can leverage the bank’s new services.
On 8th October 2022, Kraken also opened up a shop in Dubai. Kraken gets the green light from the Abu Dhabi Global Market. It can now operate from Dubai’s International Financial Center. Kraken is the first global cryptocurrency platform to receive this permission. It can now utilize a regulated virtual asset exchange platform in the ADGM.
Kraken’s entry in Dubai is unique. This is because it will allow investors to invest, trade, withdraw, and deposit virtual currencies in Dubai’s local currency, Dirham.
With these businesses shifting their workplaces to Dubai, several exhibitions, summits, and conferences are held in the country. For example, the Crypto Expo Dubai has an attendance of more than 130 exhibitors in the crypto industry. More than 10,000 visitors were also a part of this event.
A Special Mention of Dubai’s Metaverse Strategy
Dubai is gearing up to become a metaverse hub. The country’s enthusiasm reflects in the Dubai Metaverse Strategy. The strategy will make Dubai one of the world’s top 10 metaverse economies.
Furthermore, the strategy will help Dubai become a metaverse hub. This will attract metaverse companies from across the world to come and set up their workplaces here. The system will create the right circumstances for 1000 companies to go to Dubai.
In addition, the strategy will enable the creation of 40,000 virtual jobs in this field by 2030. Overall, the metaverse approach is guided by a few key pillars.
- Innovation
- Government implementation
- Metaverse technologies
- Talent development
EXGOLAND aims to leverage the wide acceptance and enthusiastic turn of events. Plus, the company will see partnerships and associations with several prominent players in the crypto industry. Overall, the aim is to identify key opportunities in the metaverse industry.
Reasons to Choose Dubai for Running Crypto and Metaverse Business
Dubai’s ruler Sheikh Hamdan bin Mohammed Al Maktoum personally sees the implementation of the Dubai Metaverse Strategy. The ruler of Dubai has plans to boost the metaverse economy and make it worth $4 billion by 2030.
Due to this, the country is setting the right precedents for the companies to set up shop here. Furthermore, the strategy will allow companies to benefit from the welcoming ecosystem and business-friendly policies.
The country is on a mission to become a hub for the virtual assets sector. This is despite other economies raising concerns about crypto, metaverse, and blockchain technology.
Running a business in Dubai will be relatively more straightforward for a metaverse, crypto, and blockchain firm. As the country is creating a conducive environment, companies can progress rapidly.
