The way Dubai dealt with the pandemic and its low taxes and easy to do business helped the city get ready for a boom after the disease spread. With new investments in technology, they are beginning to pay off.
Ola Doudin, who helped start the cryptocurrency platform BitOasis, said that Dubai and the rest of the United Arab Emirates are showing the world how to deal with a pandemic.
The next year, the amount almost doubled, going up to about $2.9 billion, of which about half went to the UAE.
Doudin says, "We do not doubt that Dubai will be in the lead, competing with other financial cities and promoting itself as a global crypto hub."
But this bet on cryptocurrencies is happening when investors are becoming more worried about the digital currency market. This is because of high-profile hacks, the failure of "stablecoins," and big price drops in cryptocurrencies.
Dubai is quickly becoming a hub for IT businesses, especially Web 3.0 startups because its rules aren't too strict.
Experts say that people who want to start their own business are looking for places where they can get help and other benefits. Some places, like Dubai, are moving quickly to pass laws and rules that will help them become Web 3.0 hubs and attract entrepreneurs. India, on the other hand, is getting further and further behind in this market segment.
This was the most talked-about topic at the Web 3.0 conference in Bengaluru, New Delhi, and Mumbai. At these conferences, one business owner out of every two has already moved to Dubai or is in the process of doing so. This was also clear in March when Indian Web 3.0 startups met in Dubai for a conference.
At least six well-known Indian software company founders have moved to Dubai, quickly becoming India's IT capital, replacing Bangalore. This information comes from people in the business world, like business owners, lawyers, consultants, investors, and others. You can trade on the platform bitlq.net.
What makes something change?
Even though India didn't get a head start on building Web 3.0, many other countries have already set up or changed their policies to make it easier for Web 3.0 companies to spread. India, on the other hand, did not start as well. This means that these countries can hire Web 3.0 experts from anywhere, even India.
This year, Dubai rules how non-fungible tokens and other digital assets can be used (NFT). Because of this, people now think Dubai is one of the best places for cryptocurrencies and Web 3.0.
Last year, cryptocurrency was used to send money to an Indian aid fund. Businesses in Dubai gave the money. This was possible because the rules in the UAE were "better."
Young businesses in the United Arab Emirates can grow all over the Middle East. He says that Dubai is a good place to start a Web 3.0 business "because the taxes are lower and the laws are less strict."
The legal technology company set up an ecosystem in Dubai because they were given a million dollars to help them grow their business there.
Acquired is where people can buy or sell businesses in any part of the United States. Ok! "Acquired" is the name of the company that makes investment technology and is based in Bengaluru. There is a chance that the problems investors are having right now will hurt the system in more than one way.
Because things are hard, more and more Web 3.0 and cryptocurrency startups are moving their businesses out of the country. Subh Jha, who co-founded Ok! Acquired says that India should have more positive and realistic policies so that start-ups like Ok! Acquired can do well there.
Several news sources say that between 8,000 and 10,000 people from India's Web 3.0 startup ecosystem have moved to Dubai in the last two years. In this group, there are people who work for companies, own businesses, and invest money.
Will this mean that another chance might be lost? Or will India come up with a whole new way to trade cryptocurrencies? How things turn out will depend on how much time goes by.
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