The United Arab Emirates is constantly following all technological and innovative trends. The latest innovations that will receive a green light in this country are cryptocurrency companies and blockchain startups. According to the latest news, a “crypto valley” will be created in Dubai. “Crypto valley” will enable crypto organizations to develop their business using an attractive tax regime.
This initiative was announced by the Dubai Stock Exchange (DMCC) at the World Economic Forum. Representatives of DMCC said that “crypto valley” plans to open in the business center of the city. Ahmed bin Sulayem, DMCC CEO, is convinced that in this way, start-ups from all over the world will be supported in the UAE and will provide them with very comfortable conditions for development. The project is being developed jointly with the Swiss company CV VC, whose specialization is venture financing.
The creators suggest that good tax conditions of the “crypto-valleys” will contribute to the creation of new startups. DMCC wants to attract people specializing in the blockchain industry to work in this economic zone. As mentioned earlier, startups of the “crypto valley” will be exempt from income tax.
There are also no requirements for the balance and payment for transactions in foreign currency.
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